The pound is taking another tumble

The pound is taking another tumble on Friday, slipping in early afternoon trading.

Sterling has had an up and down week against the dollar, dropping as low as $1.2150 early in the week, before recovering to a weekly high of $1.2320 on Wednesday.

However, on Friday it is dropping again, falling almost 0.4% as of 12:10 p.m. BST (7:10 a.m. ET) to trade at $1.2212.

Sterling had been fairly steady in morning trade, losing just 0.1% against the dollar until around 11:30 a.m. BST (6:30 a.m. ET) when it took a big dip, with no obvious reason for doing so.

It is slightly stronger against the euro, just dipping into negative territory, having traded positively almost all morning. The euro fell to a seven-month low against the dollar earlier on Friday:

Commenting on sterling early on Friday morning, Lukman Otunuga of FXTM said: “It is becoming clear that Sterling has been enveloped by political uncertainty with hard Brexit jitters ensuring prices remain depressed. Although UK data continues to point to some economic stability, Sterling may be destined for further declines as uncertainty entices bears to install repeated rounds of selling.”