The currency has fallen below $1.27 level, down to just $1.2632
This is the weakest level the currency has seen since June 1985. It is down 2.3 per cent from Monday after Theresa May pledged to trigger article 50 by March 2017.
The currency is also 0.5 per cent lower against the euro.
The currency has fallen on worries that the UK will be prepared to leave the EU single market as part of the Brexit process so that it can impose controls on immigration.
Pound has hit a new, new low
07 October 2016
Read: 1030
A wave of selling has swept the pound down to a fresh 31-year low against the dollar on Wednesday, as Philip Hammond flies to New York to reassure US banks about Brexit.
