The sterling market appears happy for now to ebb and flow as the politics of Brexit provide volatility.
However, the erosion of the bull run from October 2016's 1.1491 flash crash low to April 2018's 1.4377 recovery high could become more entrenched before Britain's scheduled European Union exit in March 2019.
UK Prime Minister Theresa May's determination to remain Tory leader and perhaps help deliver a relatively soft Brexit may well prove to be hollow promises.
The party is losing credibility daily, and the integrity of the conservative government suffers irreparable damage as top ministers quit.
With political shock waves bouncing it around, sterling may need to decline to levels more in keeping with the increasingly likely negative Brexit fall-out.
Cable at 1.20-1.25 might be more appropriate.
Whether Brexit is soft or hard, massive changes to the way the UK operates within Europe are likely to bring a painful period of adjustment for the UK economy and businesses that now have strong markets in Europe.
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