British Pounds slumps to a 31-year low against the US dollar

Fears are heightened over the possible consequences of Britain's exit from the European Union. This has sent the pound sterling tumbling to a new 31-year low against the dollar. As at early Tuesday, the sterling had fallen to $1.2764, the lowest it has been since 1985 and 15% weaker than before the EU referendum on June 23.
Compared to the euro, the sterling hit a low of 87.51pence. In spite of the plunge, the FSTE 100 share has risen above 7000 for the first time since May 2015.
British prime minister Theresa May, announced that formal talks with EU leaders on Brexit will begin by march 2017.
UK should be completely out of the EU by summer 2019.