The UK government unveiled its strategy for post-Brexit trade negotiations with the European Union which were scheduled to begin during the following week, holding out the possibility of a no-deal exit if sufficient progress had not been achieved by June.
Sterling extended the previous day's losses despite a better-than-expected reading for monthly UK retail sales, against a backdrop of US dollar strength as investors sought out safe havens.
Sterling tumbled on Monday ahead of a speech by Boris Johnson in which the Prime Minister is expected to insist that there is "no need" for the UK to follow EU rules as part of a future trade deal.
