Sterling remains close to a four-month low against the American currency and a three-month low versus the euro area tender.
Despite making brief gains on Friday after Prime Minister Theresa May announced she will stand down as leader of the Conservative Party on June 7, the pound was still floundering around €1.130 and $1.26.
As of 8.18am BST, Sterling was worth €1.1337 versus the euro.
Against the US dollar, the pound was at $1.2645 at the same time of writing.
Neil Wilson, chief market analyst at Markets.com, said the pound is likely to remain “stuck in the mud” until the Conservative Party has elected a new leader and Prime Minister.
He said: “Sterling remains close to four-month lows, unable to catch any bid out of the $1.26 handle.
“The market is likely to be in wait-and-see mode until we find out who the leading candidates are for the Conservative leader job.”