according to A lower pound helps many its constituent companies which sell their goods and services in dollars – netting a currency benefit when those sales are booked in pounds.
Sterling remains 17% down against the dollar and 15% lower versus the euro since the Brexit vote.
:: Twenty big Brexit questions answeredThe pound’s value has collapsed against a basket of major currencies since the referendum vote last June.
The UK currency saw ups and downs over the course of the session amid intense focus on the formal start of the Brexit process.
Neil Wilson, senior market analyst at ETX Capital, said: “A truly hard Brexit has not been priced into sterling.
As it stated in London mayor Sadiq Khan has intensified his demand that Theresa May must respect the rights of EU migrants in the UK as she officially launches Brexit.
‘Today, Theresa May has a huge opportunity to give them a cast-iron guarantee that they can stay here after Brexit as she triggers Article 50.
Khan said she must assure EU citizens in the UK about their future status.
A woman wearing a top showing flags of European Union countries during a “Flag Mob” demonstration in Parliament Square in central London on February 20, 2017 (Picture: Getty)The Prime Minister has been urged to protect the rights of Europeans living and working in the UK.
Theresa May signs letter that will trigger Article 50 and start of BrexitWhile May was pictured signing the letter that will trigger Article 50, Khan used a goodwill visit to Paris to press the PM to guarantee the status of some 3.3 million continental citizens living in Britain.
As it stated in British Prime Minister Theresa May triggered Article 50 of the Lisbon Treaty on Wednesday – which kicked off the official talks that will take the U.K. out of the European Union.
CNBC takes a look at the key players in the negotiations who will determine how the U.K. is going to leave the Union, and what its future relationship with the trading bloc will be.
This content may collect you by Silina Daniel