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By 17:01 BST, the pound was 0.2 per cent lower against the dollar at $1.5202, having earlier hit a three-week low of $1.5145 when compared to its European counterpart, Reuters reports.
The Euro was up 0.5 per cent against the pound - putting it on 86.77p - after expectations Greece will receive a bigger aid package helped the currency rebound from earlier losses.
Lee Hardman of Bank of Tokyo-Mitsubishi UFJ described the fiscal position in the UK as "dire".
He added the pound is also suffering due to the possibility a hung parliament will be created at the upcoming general election.
There are worries this will make it more difficult for the government to work on reducing the UK's budget deficit.
Sterling's fall continues a trend that has been evident throughout the week, as it also declined in value on Monday and Tuesday.
Posted by Greg Secker
