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Bank of America, Goldman Sachs cut sterling forecasts

Published 06/27/2016, 07:57 AM
Updated 06/27/2016, 07:57 AM

Investing.com - Bank of America and Goldman Sachs (NYSE:GS) Monday cut their sterling forecasts.

Sterling shed up to 11% on Friday after Britain voted to leave the EU.

Bank of America Merrill Lynch (NYSE:BAC) shaved almost 30 cents off its 2016 forecast for the pound.

Goldman forecast the pound to trade at around Monday's levels of $1.34 at the end of the year.

It expects sterling to gain after bottoming out vs. the euro and dollar over the next three months.

“We do not expect a political uncertainty shock as large as that of Lehman,” Goldman said.

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