Foreign exchange analysts warn the British Pound could be over 20% overvalued at current levels, implying scope for a further decline.
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A renewed decline in global markets has put fresh pressure on the British Pound and all indications are further losses are likely, potentially resulting in a retest of recent lows.
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The British Pound is undergoing a major adjustment lower that will only end once it has fallen below parity, says a leading economist.
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The British Pound reversed an earlier recovery against the Euro, Dollar and all other major currencies after the Bank of England said it was not prepared to intervene in the currency market.
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Investment bank Goldman Sachs has slashed its forecasts for the British Pound, showing further losses against the Euro are likely and a retest of the recent lows against the Dollar are likely.
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The Bank of England must take the initiative and hike UK interest rates significantly if the decline in the British Pound is to be arrested, says a leading economic research consultancy.
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The British Pound was seen recovering from its lows against the Dollar, Euro and other major currencies as European markets opened for trade.
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