The British pound is diving, falling to a fresh 31-year low

Photo by Romina Amato/Red Bull via Getty Images

The British pound is getting a touch up in Asia, plummeting to a fresh 31-year low against the US dollar.

As at 12.20pm in Sydney, the GBP/USD currently trades at 1.2844, down 1.34% for the session.

It briefly fell to as low as 1.2801 before bouncing in recent trade. It’s fallen 15% since the Brexit vote.

It’s extremely volatile, particularly by Asian session standards.

There is no fresh catalyst to explain the selling, suggesting that it’s merely a continuation of the move that began in Europe overnight.

Here’s the weekly chart for GBP/USD. “Yours”.

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