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Since the open of the London session the GBP/USD cross has slipped back from $1.2512 to $1.2391 as you can see from the graph below.
GBP/USD graph
Why is the pound falling?
With no data being released from the UK or the U.S today, the pounds decline looks to have stemmed from investors repositioning themselves ahead of European Central Bank President Mario Draghi's speech this afternoon.
Draghi is due to testify in front of the European Parliament's Economic Committee in Brussels at 1400 GMT today, and will discuss the ECB's perspective on monetary and economic developments, along with the consequences of UK's decision to leave the European Union.
With so much uncertainty still surrounding Britain's exit from the Union and concerns starting to mount ahead of the upcoming elections in Europe, it looks as though investors have moved away from the pound and euro this morning and headed back towards the safety of the U.S. dollar.
Depending on what Draghi says this afternoon we could easily see the pound regain the ground it has lost so far this morning, and if there are any major developments I will of course keep you updated.
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