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The pound fell to a six-month low against a rallying dollar on Tuesday, while it held its own against a euro dragged down by concerns about a deepening political crisis in Italy.
Sterling has slumped against the dollar since mid-April as expectations of a Bank of England interest rate rise recede and the economy shows signs of prolonged weakness.
Renewed concerns about whether Britain can secure the Brexit deal it wants to have also impacted the currency.
Against the dollar, the pound slid as much as 0.7 percent, its weakest since mid-November. The British currency, previously one of the best performers in 2018, is now down more than 2 percent versus the dollar so far this year.
Worries about divisions within the British government about whether it wants to remain in a customs union with the European Union after it leaves the EU in March 2019 have undermined sentiment towards the pound ahead of an EU summit in June.
The failure to form a new government in the euro zone’s third-largest economy has raised the likelihood of an early election that some market players fear will become a de facto referendum on the single currency and Italy’s role in the European Union.
Sources close to some of Italy’s main parties said there was now a chance that President Sergio Mattarella could dissolve parliament in the coming days and send Italians back to the polls as early as July 29.
The Euro is down more than 4 percent this month, the biggest monthly decline since January 2015.
GBP/EUR 1.1434
GBP/USD 1.3269
GBP/AED 4.8661
GBP/AUD 1.7629
GBP/CHF 1.3140
GBP/CAD 1.7262
GBP/NZD 1.9147
EUR/USD 1.1591
GBP/ZAR 16.595