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Forex News: Pound Bounces Off Amid U.K. PM May's Parliamentary

Pound Bounces Off Amid U.K. PM May's Parliamentary Speech

03/29/2017 - 08:35:00 (RTTNews)

(RTTNews) - The pound trimmed its early losses against its key counterparts in the European session on Wednesday, amid U.K. Prime Minister Theresa May's speech before the U.K. Parliament, after formally trigerring Article 50 of the EU treaty.

The PM asserted that she is strongly determined to get the right deal from the European Union, resulting in a smooth and orderly Brexit.

May urged the Britons to unite as the nation embarks on a "momentous journey."

May's speech coincided with the delivery of historic letter to European Council President Donald Tusk in Brussels, triggering the Article 50 of the Lisbon Treaty.

Negotiations under Article 50 should conclude in two years and a leaked European Parliament resolution said Wednesday that the transition period after March 2019 would be no more than three years.

The pound bounced off to 1.2475 against the greenback and 138.35 against the yen, from its early 8-day low of 1.2376 and a 2-1/2-month low of 137.60, respectively.

The pound reversed from its early near 2-week lows of 1.2284 against the franc and 0.8735 against the euro, recovering to 1.2428 and 0.8623, respectively.

The pound may possibly locate resistance around 1.26 against the greenback, 140.00 against the yen, 1.25 against the franc and 0.85 against the euro.

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