FXStreet reports that although GBP is cheap by historic measures, it will take time for the market to digest the policy response, in the opinion of analysts at ANZ Research.

"The near-term risks to GBP lie to the downside."

"Owing to the dramatic change to the fiscal and monetary framework, which is open-ended, the risk premium around the UK economy and GBP will continue to rise."

"A further 5-10% drop in GBP is possible if, as expected, the situation continues to deteriorate."