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GBP/USD graph.
What has happened?
Earlier this morning the BBC and Telegraph published a leaked memo, which suggested the UK government does not have an overall plan for Brexit.
The memo is said to be from an un-named consultant and was given the title "Brexit Update". The document suggests it will be another six months before the UK government decides on what they hope to achieve from leaving the European Union. The memo also touches on what it calls "divisions within the cabinet" over the direction of the upcoming Brexit negotiations.
As the news broke the pound lost ground across the board, with the GBP/USD cross slipping from $1.25 to $1.2439.
Things then got even worse for the pound as the latest inflation reading (CPI) has come in under the predicted level of 1.1%. Figures produced by the Office for National Statistics (ONS) showed inflation in the UK had dropped from 1.0% to 0.9% year on year, and reduces the chances of the Bank of England raising interest rates in the near future.
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