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Could someone please help me with a phrase or an idiom in this sentence - "When the UK voted for Brexit on 23 June last year, sterling took another big leg down."

I understand the overall message this sentence is conveying but it's the first time I come across the phrase "took another big leg down" so I'm not quite sure what context can be used in. Could someone please explain it to me? Thanks in advance!

  • Although the reference is clearly made to the "pound sterling", it seems weirdly phrased. When it is only called "sterling", I initially assume it to be about the current price for sterling silver (similar to the gold price, "gold has gone down"), as opposed to the British pound. – Flater Jul 28 '17 at 13:27
  • @Flater - "Sterling" is sometime used to refer to the British pound: fxstreet.com/news/… - nasdaq.com/video/593a74d7e0fa177b0c48db45 - uabonline.org/en/news/news/… – user66974 Jul 28 '17 at 14:34
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    @Josh: I wasn't trying to argue that it's wrong, just that it sounds weird to my ears :) But good to see evidence of usage, that always helps! – Flater Jul 28 '17 at 14:35
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Leg in financial jargon refers to:

  • A prolonged trend in stock market prices, such as a multiple-period bull market; or, an option that is one side of a spread transaction.

Another big leg down means another big fall in value for Sterling vs other currencies, mainly vs the US dollar.

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