Analysts at Scotiabank explained that GBP is underperforming as market participants position for risk ahead of Wednesday’s major events including domestic employment, the BoE policy decision and the delivery of Osborne’s budget. Key Quotes: "Renewed Brexit concerns have added to pressure on GBP as fresh polls suggest a greater bias toward the ‘leave’ camp. Fiscal concerns relate to the potential for greater austerity and headwinds to growth. Yield spreads are widening, implied volatility is rising, and risk reversals suggest renewed demand for protection against downside risk following the recent fade." For more information, read our latest forex news.