The pound came within a whisker of a new 31-year low against the dollar after the currency market sensed the UK moving towards a “Hard Brexit” position in its negotiations for exiting the EU, Financial Times reported quoting Global Markets’ expert Jamie Chisholm.

So, the rate of pound dropped by 0.5% to $1.27, which is the lowest indicator since 1985.

According to Bloomberg, this happens due to concern of investors that the UK will face hard consequences of Brexit.

As it was reported, pound fell afgainst 30 out of 31 major world currencies after Prime Minister Theresa May announced that the UK will initiate Brexit in the first quarter of 2017.

After voting for Brexit on June 23, pound dropped by 14% against dollar and finished the worst quarter since 1984.