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Sterling Slumps as U.K.'s May Plans to Trigger Brexit Next Week

  • Currency reverses gain on dollar demand as New York comes in
  • Goldman favors selling pound as trade talks seen ‘difficult’
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U.K. to Begin Two Years of Brexit Talks on March 29

The pound fell, reversing earlier gains, after the U.K. said it will trigger the process to leave the European Union on March 29.

Sterling dropped 0.23 percent to the day’s low of $1.2367, erasing a previous advance of as much as 0.3 percent. On charts, the first technical support for the currency comes at $1.2324, the low on March 17. A pickup in dollar demand as trading starts in New York is also weighing on the pound, according to a trader in Europe who spoke in condition of anonymity as the person is not authorized to speak publicly.