Experts pointed to a report from the Times of London that suggested Prime Minister Theresa May was preparing for the Scottish government to call a second independence referendum to coincide with the triggering of Article 50 in March.
Meanwhile, Stephen Innes, a senior trader at OANDA, told CNBC the pound’s decline could have been a result of traders hedging bets that U.K. economic data will likely be on the soft side in the future and also due to the lingering uncertainty over Brexit negotiations.
“It’s not as if we did not see it coming,” Innes said. “I do see decent support coming in at 1.2410-25 level but the big play for the dollar remains Trump’s speech tomorrow night.”
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