Sterling tumbles to two-month low on Brexit concerns

Economies.com
2017-03-14 17:10PM UTC
Sterling fell on Tuesday to a two-month low against the dollar after the British Parliament voted on starting the exit process from the European Union, causing concerns to resurface and nudging the pound lower.

GBP/USD last traded at 1.2158, down from the opening of 1.2207, with an intraday high at 1.2215, and a low at 1.2110.

The British Parliament agreed today on letting Prime Minister Theresa May activate Article 50 to start the Brexit process, heaping pressure on the pound amid concerns about new surprises that might impact the British economy.

On the other hand, the pound was hurt by mounting Scottish calls for independence from the United Kingdom, hurting the pound, which didn't find any support today to stem the losses.

Markets are still waiting for the Federal Reserve's meeting this week, with a rate hike expected for the first time this year.

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