Even though the sterling pound was bashed badly on Friday, 24 June to as much as 10% against the US dollars, my take is that it could be in for more bashing. While I cannot profess myself to be an expert in the forex market, I am of the view that England’s decision to leave the EU may cause disunity among the GB countries. England’s huge voters by proportion had overwhelmed the stand of the other economies such Scotland, Wales and Northern Ireland. A post examination of the poll results showed that Scotland, next biggest economy after England has a voting population of only 2.6 million voters compare to England’s 28.4 million, let alone that of Wales and Northern Ireland of 1.6 million and 0.8million respectively. In other words, the English’s votes on Brexit may not be representative of the other three economies. In fact, the post examination results showed that Scotland and Northern Ireland had more than 50% on the ‘remain’ camp. This could further surface the disunity of the Great Britain (GB) leading to holding more independent referendums. Needless to say, it is to likely to further affect the value of the sterling pounds.
Brennen has been investing in the stock market for 26 years. He trains occasionally and is a managing partner for BP Wealth Learning Centre. He is also the author of the book – “Building Wealth Together Through Stocks” which is available in both soft and hardcopy.