Markets wait for formal initiation of the Brexit process on Wednesday. The Great Britain pound fell during the current trading session due to uncertainty associated with the Brexit, but has trimmed its losses as of now.
Britain’s Prime Minister Theresa May has signed a letter that officially triggers Article 50, initiating the process of the United Kingdom’s exit from the European Union. The paperwork will be delivered to European Council President Donald Tusk later today. Investors are concerned that the EU will take hard stance in negotiations of the terms for the separation, making it hard for Britain to preserve its trading ties to other European countries.
GBP/USD traded at about 1.2436 as of 9:19 GMT today after opening at 1.2450 and falling to the daily low of 1.2376. GBP/JPY was at 138.32 after it opened at 138.04 and touched 137.56 — the lowest level since January 17.
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