MORE ANALYSIS

Analysts at the Union Bank of Switzerland (UBS) are confident that sterling is on the way back up.

A gradual recovery is predicted over the next year or two, before a stronger rise in the currency beyond that.

They believe that most of the negative Brexit-related news has already been priced into the market, pushing down the pound.

The  five year view is that  the pound is set to creep ever upward. As ever, analysis by these big banks can be wrong, and sometimes very wrong.