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Pound Plunges as Traders Confront Possibility of No-Deal Brexit

  • Pound would crash to $1.20 if there’s no deal, survey shows
  • Gilts rally in bid for safety as lenders, property firms fall
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The pound had its worst day in two months as traders suddenly awoke to the prospect of a no-deal Brexit.

Sterling plunged as much 1.5 percent against the dollar Thursday as U.K. Prime Minister Theresa May gambled on getting her plan over the line with just over a week to go before the exit. Cable crumbled after the European Union told May that she can only have a short extension to delay Brexit if Parliament ratifies the divorce deal in a vote she wants to hold next week.