Pound Retreats As U.K. PM To Invoke Article 50 On Wednesday
March 20 2017 - 4:54AM
RTTF2
The pound trimmed its early gains against its major counterparts
in the European session on Monday, after the news that the U.K.
Prime Minister Theresa May will trigger Article 50 on Wednesday,
with an aim to begin the Brexit negotiations with the European
Union soon after the process.
A spokesman for the PM said that the U.K. has informed European
Council president Donald Tusk's office of May's plan to formally
trigger Britain's exit from the EU.
The Prime Minister will give a statement to MPs in the House of
Commons next week, after formally pulling the Brexit trigger.
The pound eased to 1.2367 against the greenback and 1.2341
against the franc, from its early near 3-week high of 1.2435 and
near a 2-week high of 1.2397, respectively.
The pound retreated to 139.58 against the yen and 0.8688 against
the euro, from its early high of 140.12 and an 11-day high of
0.8659, respectively.
If the pound extends slide, it may find support around 1.20
against the greenback, 1.18 against the franc, 0.90 against the
euro and 137.00 against the yen.
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