The Pound plummeted against the majors on Monday as investors reacted to the weekend’s political news.

The Pound recovered slightly against many major currency rivals on Monday as investors anticipated further developments in the Brexit process.

The Bank of England have today raised the UK Interest Rates from 0.25% to 0.5%.

The Pound (GBP) advanced against the majority of its peers on Monday as the currency was supported by expectations that the Bank of England (BoE) will vote to raise interest rates later this week.

After a relatively steady performance on Monday, the Pound slipped against many majors on Tuesday morning as investors reacted to the latest cautious comments from Bank of England (BoE) Deputy Governor, Sir Jon Cunliffe.

On Monday, hopes rose that UK Prime Minister Theresa May would be able to break through a Brexit ‘deadlock’ by travelling to Brussels – but her trip ended with negotiations still stuck at a standstill.