On Monday, February 3, the British Pound depreciated 138 pips or 1.05% against the US Dollar.
The decline was driven by a dispute between the UK and the EU over post-Brexit trade deal. The UK is willing to make a trade deal by the end of 2020. However, the European leaders claimed that the UK would have less access to the EU market.
Note that trade talks between the UK and the EU bloc are going to start on March.