Speculative selling drove the pound down below the $1.50 watermark, it's weakest level since May09 following weekend opinion polls that there could be a "hung Parliament" (in which no one party has a majority of seats). This was compounded by the news of Prudential buying AIG's Asian business for $35bn (of which $25bn will be in cash (70%) for which it would have to sell sterling to raise funds.
GBPUSD is known as cable (the number of dollars you need to purchase one pound). An increase in cable indicates a strengthening of sterling (with respect to the dollar).
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