Sterling surges the most in nine years after British PM's speech

Sterling rose on Tuesday by the biggest margin since 2008 after British Prime Minister Theresa May's speech, which soothed the markets and underpinned the pound.
 
GBP/USD last traded at 1.2391, up from the opening of 1.2040, with an intraday high at 1.2398, and a low at 1.2040.
 
Sterling's current surge came after may said Britain's exit from the European Union will be after singing deals with the members to stabilize the British economy.
 
May also said she wants to expand Britain's free trade deals away from EU restrictions, while stamping the criticisms levied at the government for not being transparent.
 
These statements pushed the pound sharply higher, recouping the losses made recently against the dollar, which hammered the greenback against a basket of currencies.