The pound is currently trading at a rate of 1.1776 against the euro according to Bloomberg at the time of writing.
Speaking to Express.co.uk, Michael Brown, Senior Market Analyst, at Caxton FX said: “Sterling lost further ground on Tuesday, with market participants concerned by resurgent fears of a no-deal Brexit after reports that the Prime Minister plans to amend the Withdrawal Agreement Bill to prevent an extension to the transition period after Dec 2020.
“This means that the UK has 11 months to negotiate a free trade agreement, or will leave on WTO [World Trade Organization] terms.
“As a result of yesterday’s losses, the pound has completed its post-election round trip, having now pared all of the gains made on Thursday evening.
“Today, political developments will remain in focus, while investors will also cast an eye over this morning’s inflation figures.”
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