Sterling plunge ‘only starting’

Sterling’s plunge against the dollar isn’t over yet, according to three of the world’s top currency traders.

After falling to a 31-year low Wednesday, sterling may sink another 7% to 11% this year in the aftermath of the UK’s Brexit vote, according to Goldman Sachs, Deutsche Bank and Citigroup.

The currency will weaken to $1.20 on expectations the Bank of England will cut interest rates to contain the economic fallout from the referendum, according to Goldman Sachs and Citigroup.