House of Lords debates the Brexit bill, Sterling weakens

07.03.2017 / 13:26

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Sterling slipped to a seven-week low versus the dollar on Tuesday ahead of the final debate on the Brexit bill in the House of Lords, where lawmakers will demand more say in the deal Prime Minister Theresa May forges with the European Union.

The pound weakened against all Group-of-10 currencies as the debate could derail May’s plans to trigger Article 50, which would mark the formal start of the exit from the EU, this month. Sterling was also pressured by data showing the pace of annual house-price increases in the U.K. slowed, adding weight to predictions for waning economic momentum this year.

GBP/USD falls 0.4% to 1.2192, weakest since Jan. 17; is now trading below Fibonacci support at 1.2261

EUR/GBP rises 0.2% to 0.8663, having earlier reached 0.8678, its highest since Jan. 19

Bloomberg

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House of Lords debates the Brexit bill, Sterling weakens

London

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