Sterling see-sawed as investors reacted to growing uncertainty over the outcome of the UK's EU referendum.
The currency initially slipped against the dollar and euro, only to start recovering in mid-afternoon trading before falling again.
Meanwhile, the "volatility index" - a measure of investors' uncertainty - has hit levels last seen in the 2008 financial crisis.
The Leave campaign argued that the pound simply retreated to March levels.
The pound was down 0.2% against the dollar at $1.4226. Against the euro, sterling was down 0.6% at €1.2605 and weakened by 1% against the Japanese yen to just over 151.
Investors have been spooked by data showing the chances of a Remain vote have fallen, although markets have also been rattled by global economic worries.
With 10 days to go before the referendum vote, two polls at the weekend put the Leave camp ahead, while betting firm Betfair said the implied probability of a vote to Remain had now fallen to 68.5% from almost 80% a week earlier.