Answer: Bandwagon Effect
Explanation:
The bandwagon effect is simply used to describe a scenario that occurs when people behave in certain ways simply because others are doing the same thing.
In this case, when currency traders move as a herd in the same direction at the same time, such as what occurred when George Soros bet against the British pound, this shows that a bandwagon effect occured.
There are different kinds of effects. Based on the above scenario, the Bandwagon Effect occurs.
This is described as the act or phenomenon where there is a growing form of success of a cause or something. An example is a cause, fad, or type of behavior, etc.
They often attracts a kind of huge support or adoption as a lot of people perceive and are influenced by its high popularity.
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