Pound Moves Lower as Fear of Hard Brexit Haunts Market

The Great Britain pound slipped against its most-traded peers, including the US dollar and the Japanese yen, on Friday as fear of the so-called “hard Brexit” continued to plague markets.

It is expected that British Prime Minister Theresa May will have hard talks with European Union leaders during the summit in Brussels as they were not amused with Britain’s decision to leave the union. The United Kingdom will likely have to sacrifice the access to free trade with the EU in exchange of complete control over its own borders. Investors are afraid that this will hurt the UK economy strongly, and thus they prefer to get rid of pounds.

GBP/USD dropped from 1.2251 to 1.2191 as of 12:13 GMT today. GBP/JPY fell from 127.34 to 126.43.

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