Given the uncertainty, I wouldn't be investing in anyone right now, let alone an airline group, let alone IAG!

Like UKTravelbear, I also have a US (to SFO) trip next month with the pound at its lowest ever value since I started visiting the States - the worst I can remember is 1.38 in 2009. What was still a relatively expensive trip with the USD at 1.49 is now considerably worse, so when I'm there I'll be restricting other spend as much as possible. I don't, as yet, even want to think about DC in October where everything is more expensive anyway! Cancellation isn't really a sensible option for me, and I doubt for many others, so the short term effect on BA is probably small.

In the longer term, however, assuming this continues for a period, I'll be travelling less and being very selective as to where. That will be a very common theme of leisure travellers. BA is going to hit reasonably hard by this, and I'd expect further share price drops. The bottom is almost impossible to predict.