UBS: UK Gas Crisis Set To Plunge British Pound To Historic Lows

The British pound is expected to plunge to a historically low level versus the U.S. dollar in the fourth quarter of this year, when the energy and gas crisis in the UK will worsen, according to strategists at the private banking unit of UBS Group. "We expect GBP/USD to come under pressure this year," Thomas Flury, head of currency research at UBS Wealth Management, and Dean Turner, UK economist at UBS Private Banking, wrote in a note carried by Bloomberg. "The euro zone and the UK are both likely to suffer energy supply shortages this winter,"…