Pound to Stay Defensive on Brexit in Short-Term, CIBC's Stretch Says

The transcript discusses the political volatility in the UK, particularly around Theresa May's leadership and Brexit. It explores the potential impact on the British pound, predicting a recovery if a hard Brexit is avoided. However, if the UK crashes out of the EU, a significant devaluation of the pound is expected.

What does the speaker suggest about the future of sterling against the dollar?

What historical context is provided regarding sterling's valuation after the 2016 referendum?