This has been a big downtrend. The Pound has been hit by the Brexit vote while the Aussie Dollar has ridden the wave of an unexpected resurgence in commodity prices. Chief among these has been Australia’s main export, iron ore. Despite a bearish consensus outlook, the spot iron ore price is up 84% from its low in November. However, the Pound is showing signs of losing downward momentum. Markets are becoming a little more sanguine about a no vote on Brexit. At the same time traders are getting trigger happy about the commodity rally. It’s come a long way quickly and a pullback would not surprize.