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UBS AG pointed out that the UK currency could weaken to 1.5000 francs and Mansoor Mohi-uddin, chief currency strategist in Singapore at the company, said sterling could deteriorate further when the government's fiscal austerity program begins, Bloomberg reports.
One stock market tip from the organisation was that individuals should sell the pound at 1.5580 francs with an instruction to buy or sell the currency at 1.5825, which is known as a stop-loss order.
Yesterday morning (August 31st) the pound was trading at 1.5644 francs.
While forex traders may be interested to hear this advice, they might like to note that sterling dropped against the dollar yesterday, reaching under 0.3 percent at $1.5414 by mid-morning, which was near a five-week low of $1.5373, Reuters reported.
Posted by Chris Weaver
