The pound has sunk to a four-month low against the dollar following the collapse of Brexit talks between the Conservatives and Labour.
Following a slump from 1.3173 to 1.2998 the week before last, GBP/USD has seen even steeper losses this week so far. GBP/USD briefly jumped when markets opened, but since then has seen solid losses every day of the week, and at the time of writing on Friday was trending closely to four month lows of 1.2756. This was the worst level for GBP/USD since the 11th of January.
- Currency News
Analysts say this fall in the pound is because the chance of Britain leaving the EU without a deal has increased in recent weeks with some warning that the discord within the Conservative party may mean that Prime Minister Teresa May could shortly be replaced by a Pro-Brexit PM without a general election taking place.
Mrs May will try once again to win the support of MPs for her Brexit deal in the week beginning 3 June, when the Commons votes for the first time on the EU Withdrawal Agreement Bill - the legislation needed to implement her deal with the EU
You can find our latest GBP currency rates here.
