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”.