Sterling glides off seven-week high

Sterling fell on Tuesday away from a seven-week high as markets await the activation of Article 50 so Britain would officially exit the European Union. 

GBP/USD last traded at 1.2504, down from the opening of 1.2560, with an intraday high at 1.2597, and a low at 1.2501. 

Sterling's current drop comes after hitting a seven-week high yesterday as the dollar slumped against a basket of currencies, but mounting pressures on the pound today due to resurfacing Brexit concerns nudged it lower. 

Traders sold the pound to take profits even as analysts expect the Bank of England to start tightening its policy to counter rising inflation, but profit-taking pressures took precedence today. 

The pound is declining despite dollar's slide against a basket of rivals even after strong U.S. consumer confidence data, as investors keep their eyes fixed on the Brexit process and its consequences.