Next big round will be when Article 50 is invoked - then proper Brexit starts: 1.20 for USD or less.
It'll be long before that. Economic data as it trickles in is going to get ever grimmer.
Consumers don't want to spend anything, and even if Hammond brings forward the Autumn Statement by a couple of months, hands out a bunch of investment related tax credits and cuts corporation tax to 15%, firms are still going to keep their hands in their pockets.
The rate cut is foolish. It'll have almost no effect whatsoever in increasing the money supply or lubricating the economy. In fact, with it causing the already very weak £ to fall further, it might have the opposite effect.
IMO, moderate drop in GDP in Q3, large one in Q4, and practically free fall in Q1 '17.
The £ has a long way to fall vs the $ ... the only surprise since the referendum has been how robust it's been. Think the markets are still in denial.
£ has dropped much more quickly of late vs the €, yet a major financial crisis looms in Italy and in Germany both Commerzbank and DB look to have very shaky balance sheets.
Withheld rate increases in the US seemed to be capping losses, but now that there's been a rate cut in the UK, the bottom SHOULD fall out of the £.