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The pound could see another 10 percent drop, this currencies expert says

UK will adjust to Brexit: Pro

The British pound sterling is not done falling, Kathy Lien, managing director at B.K. Asset Management, said Friday after the United Kingdom's historic vote to leave the European Union.

"I don't think the sterling has completely priced in the damage that this will have on the economy, in the short term," Lien told CNBC's "Squawk Box. " "I think we could see another 7-to-10 percent drop."

Luke Macgregor | Reuters

In a surprise outcome, a majority of U.K. citizens on Thursday voted in favor of Britain leaving the EU, sending financial markets across the globe into frenzies.

The British pound hit its lowest level since 1985 against the dollar, near $1.32, before trading about 8 percent lower, close to $1.3695. The currency also posted its largest move to the downside ever.

Shaun Osborne, chief currency strategist at ScotiaBank, echoed Lien's comment.

"It may be wrong to underestimate just how far we can go. In the short run, probably $1.30 is reachable; below $1.30 as a psychological support point. There's not that much in terms of identifiable support levels," he said on "Squawk Box."

GBP/USD 1-month chartSource: FactSet

Peter Boockvar, chief market analyst at The Lindsey Group, said on "Squawk Box" that the U.K. will be OK in the long term.

"They're going to adjust to this," he said. "I see this for the U.K. a gigantic inconvenience. Deals will get renegotiated, life will move on. The question is obviously for the rest of the European Union, but the U.K. will deal with the EU just as we do, just as Norway does, just as Switzerland does."