Here's why the British pound rout is not over

Breakingviews
Swaha Pattanaik
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Londoners walk past the Houses of Parliament, reflected in a puddle of rain in Westminster, following the EU referendum on June 24, 2016, in London, England.
Mary Turner | Getty Images

Sterling's spectacular slide will give way to more measured misery. After voting to leave the European Union, Britain faces an economic slowdown that will warrant more monetary easing, a pickup in inflation, and huge political uncertainty. This is a toxic mix for any currency, even one that is already testing three-decade lows below $1.32.

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