The pound is dropping again

It's been a chaotic few days in the currency markets, and the British pound has been taking the brunt of the pain.One of the most immediate market casualties of the UK's vote to leave the European Union was the value of the pound, whichat one point fell over 10% against the US dollar to about $1.33, a 31-year low. It was worst single-day drop ever for the currency.The pound isplummeting again against most major currencies,responding tothe political chaos sparked by the Brexit vote. Prime Minister David Cameron resigned on Friday, whileLabour leader Jeremy Corbyn has said he will not be moved from the leadership despite a full-scale coup against him by the parliamentary Labour party, which began on Sunday with 11 resignations from his shadow cabinet.The currency isdown by more than 2% against the dollar as of 7:30 a.m. UK time:The same goes for the pound versus the Japanese yen:And it's off by more than 1% against the euro:Chancellor of the Exchequer George Osborne warned in a speech this morning that markets face more volatility, but that the UK's financial sector is ready to deal with it.Join the conversation about this storyNOW WATCH: The most important question you should ask before hiring a financial adviser
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