“The pound is simultaneously high and low,” said TS Lombard, likening the Brexit conundrum to “Schrodinger’s Cat” - a concept borrowed from quantum mechanics. “The current price of sterling on your screens can be characterised as the superposition of all possible Brexit end states.” TS Lombard’s Christopher Granville says sterling would crash 20pc in a Brexit bust-up, but is more likely to rise by 10pc when the opera buffa in Parliament is over and people discover that Theresa May is still there, and that nothing has really changed. Britain will still be in the EU in all but name for years to come. Such asymmetric forms of risk are very hard for markets to trade.
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