Pound plunges to 2018 low amid fears of a "no deal" Brexit

British currency
A detail of the new British ten pound note, featuring a portrait of Jane Austen. Photo: Jim Dyson via Getty Images

The British pound dropped to its lowest levels against the dollar and euro in almost a year Wedneday as fears of a "no deal" Brexit continue to ramp up, reports Reuters.

Why it matters: The slide began on Sunday, when international trade minister Liam Fox warned there is a 60% chance the U.K. will leave the European Union in March 2019 without having reached a deal. Analysts told Reuters that investors are hedging against the growing possibility of a no deal Brexit, which "could send the sterling into freefall."