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Currencies: Pound drops to fresh 31-year low, briefly trading below $1.27

The pound continued to get punished on Wednesday, building on its recent losses that have been sparked by worries about a potential “hard Brexit” that might hammer the U.K. economy.

The British currency GBPUSD, +0.0314% changed hands at $1.2720, down from $1.2727 late Tuesday in New York. It was touching levels last seen in the first half of 1985, as it traded as low as $1.2685 earlier Wednesday, according to FactSet data.

Brexit jitters “may be bone deep,” ensuring that the pound remains depressed until the U.K. government invokes Article 50, said Lukman Otunuga, an FXTM analyst, referring to how officials would trigger the process of exiting the European Union.

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