My reasoning was this: the BREXIT referendum changes nothing. There are no changes until notice is served by Britain on the EU and negotiations ensue, with 2 years to agree (minimal) trading and monetary changes. However, what I did not foresee, after the initial down-spike, is the flight of capital from GBP. What happens next? A recession caused by NOTHING YET, or a flow-back of capital as advantage is taken of the lower prices?