The pound slumped to the lowest since December 2020 as traders flocked to the U.S. dollar amid an escalation in the Ukraine war. Sterling slid to as low as $1.3156, a level not seen since before the U.K. completed its divorce from the European Union. Its weakness comes in the face of a strengthening greenback, which has been buoyed by a demand for havens. The pound joins the euro in breaching a key level as investors rushed to safety. The common currency slid below $1.10 last week for the first time since May 2020.