British pound plunges against US dollar

LONDON (AA) – The value of the pound has plunged against the U.S. dollar to its lowest level in the last three months, ahead of Prime Minister Theresa May’s speech on Brexit this week.

The pound traded at lower than $1.20 during the weekend but recovered slightly on Monday. It also lost value against the euro.

The speech on Brexit by the British premier is scheduled for Tuesday.

May is expected to reveal Brexit plans, i.e. whether the U.K. will leave the European single market at the end of the exit negotiations -- which is also known as the “hard Brexit” -- as certain reports have recently speculated.

The U.K. currency has lost 20 percent of its value against the U.S. dollar since the Brexit referendum held on June 23, 2016.