//
Yesterday (March 1st) the currency fell below $1.50 against its US counterpart for the first time in a year, with the Times reporting that it fell to a low of $1.4784 before recovering slightly.
The dip came after new opinion polls - which showed that the Conservative Party's lead against the Labour Party has been cut - revealed that a parliament where no party has a majority share in seats is a possibility.
Speaking to Reuters, one unidentified trader for a European bank explained that "there is still likely to be selling pressure against the European currencies" in the immediate future, limiting the prospects for a recovery of the pound and the euro.
Despite sterling's slide, the FTSE 100 has remained in positive territory and was up 0.24 per cent at 10:00 GMT, the news agency reports.
Posted by Greg Secker
