The thing to remember about currencies is that they don't move under the guidance of some magical force. Currency markets are literally people converting from one currency to another 24/7. Fear and uncertainty, whether warranted or not, is what rules the market, and makes it ripe for speculation. I haven't done Forex in quite some time but if I were, you bet your ass I would've been out there shorting the GBP like no tomorrow as the poll results started inching towards "leave" because of all the doom and gloom scenarios that have been floated about endlessly -- it logically follows that other people would be doing the exact same thing.
Remember, this won't even take effect for another two years or so. Literally nothing about UK or the GBP has fundamentally changed as of this moment, and yet the currency has been shorted as if the UK has simply snapped its fingers and is, as of this moment, no longer in the EU.
What you'll see in the coming days is an upward movement. Shorts are going to take their profits, which is going result in GBP buy orders, which is going to squeeze shorts, which will lead to more GBP buy orders. Will the GBP go back to its value as of yesterday? No. But it won't remain down 10% either. Bank on it.
Remember, this won't even take effect for another two years or so. Literally nothing about UK or the GBP has fundamentally changed as of this moment, and yet the currency has been shorted as if the UK has simply snapped its fingers and is, as of this moment, no longer in the EU.
What you'll see in the coming days is an upward movement. Shorts are going to take their profits, which is going result in GBP buy orders, which is going to squeeze shorts, which will lead to more GBP buy orders. Will the GBP go back to its value as of yesterday? No. But it won't remain down 10% either. Bank on it.