The pound is taking another tumble

The pound is taking another tumble on Friday, staying well below its opening price in trade all day.

Sterling has had an up and down week against the dollar, dropping as low as $1.2150 early in the week, before recovering to a weekly high of $1.2320 on Wednesday.

However, on Friday it is dropping again, falling more than 0.3% as of 3:40 p.m. BST (10:40 a.m. ET) to trade at $1.2212.

gbp 3 oct 21

Investing.com

Sterling had been fairly steady in morning trade, losing just 0.1% against the dollar until around 11:30 a.m. BST (6:30 a.m. ET) when it took a big dip, with no obvious reason for doing so, falling below $1.22 around lunchtime.

It is slightly stronger against the euro, just dipping into negative territory in early afternoon, before crossing back into positive territory thanks to a weak euro. The euro fell to a seven-month low against the dollar earlier on Friday:

Screen Shot 2016 10 21 at 15.42.21

Investing.com

Commenting on sterling early on Friday morning, Lukman Otunuga of FXTM said: "It is becoming clear that Sterling has been enveloped by political uncertainty with hard Brexit jitters ensuring prices remain depressed. Although UK data continues to point to some economic stability, Sterling may be destined for further declines as uncertainty entices bears to install repeated rounds of selling."

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