The British pound directed to third consecutive weekly decline caused by the Brexit referendum on June 23rd. The GBP became the worst performing currency this year. The appreciation of the GBP on Friday failed to offset the 2.7% decline against the USD during the previous four days. So the pound overtake the Argentine peso, as the worst performing currency against the USD this year. Investors continue to react to the shocking result of the referendum and possible consequences of leaving the EU.
The finance experts expect the pound to depreciate more significant, due to the clear effects of uncertainty on investment and growth.
On Wednesday, the British currency touched a new 31-year low level of 1.2798 dollars, after a number of property funds temporarily stopped trading. On Friday it published data on consumer confidence, which fell the sharpest pace in 21 years.