Britain’s surprise vote to exit the Eurozone sent global financial markets crashing on Friday, and traders are now left wondering how the Brexit will play out in the long run. According to Goldman Sachs analyst Peter Oppenheimer, Europe and the U.K. now face a future of significantly weaker growth.

“While central banks will act quickly to maintain market functioning, we judge the likely implications for market pricing to be large, broad-based and rapid,” Oppenheimer explains.

Goldman expects that central banks, including the Bank of England, will step in and perform whatever measures are necessary in the short-term to keep markets stable.

Goldman sees major weakness for the Sterling and the Euro and strength in “safe haven” currencies like the U.S. dollar, the Franc and the Yen. In the wake of the Brexit vote, the Sterling has already hit a new 30-year low.

Goldman predicts German bund yields could fall…

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