Some dropping today below, the main low. Trying to figure out who the market participants responsible for the this collapse are. It doesn’t make sense for real businesses with demand for foreign currency to suddenly exchange immediately post brexit in the early hours of the morning - or are the banks executing those deals for their clients.
It does make sense for asset managers who may have restrictions on the investment grade of the products they are allowed to buy to check out of sterling denominated assets and or harbour elsewhere. If they are the movers here, then especially given the downgrade of the UK, it will take a very long time for that money to come back.