According to the IMF [1], the pound was already overvalued. In currency markets, it usually takes large news events to prompt large fluctuations but they are ju

According to the IMF [1], the pound was already overvalued. In currency markets, it usually takes large news events to prompt large fluctuations but they are just often the trigger, not the underlying cause. [1] http://www.imf.org/external/pubs/ft/scr/2016/cr16168.pdf#page=13 http://www.imf.org/external/pubs/ft/scr/2016/cr16168.pdf#pag...