Yesterday, the British currency showed a sharp decline of price after the Bank of England announced a decrease in the interest rate to a historically low level of 0.25% vs. 0.50% previously. In addition, in September it will begin buying government bonds. The volume of the purchase program is 60 billion pounds. The reason for such steps has been a negative impact on the results of the referendum at which was supported the idea of British exit from the European Union. We expect the fall of the British currency in the medium term and in the near future with potential targets at 1.2600 and 1.2200.