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This article was written by Shoaib Abedi, the co-founder and director of ICM Capital.
A sense of shock surrounds the markets after the UK referendum result made it official that the UK is out of the EU. British Prime Minister David Cameron described the referendum regarding its European Union (EU) membership as “bigger than the general election”.
A series of market moves followed the dramatic results, with a freefalling decline of the British currency that was sent to its lowest level in 31 years.
Risk aversion became the main driver for the panic in the markets; safe havens celebrated the ... (read more)