Fresh lows as pound falls 200 pips

It's an ugly day for the British pound.

Cable is now down 200 pips in a drop to 1.3043 that's been slowly unravelling throughout the day.

The latest drop took out the late-August low, hitting stops on the way.

The driver was a Bloomberg report saying Chancellor of the Exchequer Philip Hammond is ready to abandon total access to the EU in Brexit negotiations.

Bloomberg reports:

"Chancellor of the Exchequer Philip Hammond is ready to accept that Britain may have to give up membership of the European Union's single market -- and U.K. banks' crucial access to clients on the continent -- to achieve the immigration restrictions that voters have demanded, according to two officials familiar with his thinking."