The British pound on Tuesday dropped sharply to $1.2764, down from $1.2858 late Monday in New York, as worries about Brexit continued to weigh on the currency. The pound is trading at its lowest levels against the dollar since 1985, according to FactSet data. It has undercut its lows reached in July, shortly after the U.K.’s referendum on European Union membership. Some analysts have said the Conservative Party’s conference this week is turning into a sell for the pound, as Prime Minister Theresa May signaled that her government will focus in negotiations on issues that imply a departure from the EU’s single market. The British leader said the priority will be on immigration and U.K. sovereignty. Banks based in Britain will get no special treatment, senior figures in the administration told Bloomberg, casting more doubt on the future of the U.K.’s financial services industry.
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