The pound fell for a fifth day against the dollar, set for its longest losing run since May, as resurgent anxiety about a no-deal Brexit weighed in thin trading ahead of year-end holidays.
Sterling led declines among major currencies, slipping below its 50-day moving average for the first time in more than two months. While the pound surged after Boris Johnson’s party won a landslide victory in the Dec. 12 election, investor sentiment soon soured as the prime minister was set to use his majority to take a hardline stance in talks with the European Union.
The pound fell as much as 0.7% to $1.2905, the lowest since Dec. 2. Its five-day losing streak is the longest since May 17. The currency also weakened by as much as 0.7% to 85.80 pence per euro.