The pound is likely to continue falling, so says Societe Generale FX strategist Sebastien Galy, noting that "it does have the blessing of the UK’s MPC and the Chancellor."

In the “Currency Wars” front, Sebastien points how the UK has become the ‘quiet debaser’ as they "don’t intervene or talk their currency down loudly, but smile when it falls and talk positively about what a weaker currency does to re-balance the economy and tackle the trade and current account deficits" Mr. Galy says.

"If the hope is that a weak pound will aid recovery, we suspect that hope will be disappointed for quite a long time. If the hope is that it will result in a weaker pound, it will succeed" the strategist adds.