British Pound Slides to Lowest Level in 11 Months as Brexit Negotiations Deteriorate

The British pound sold-off on Monday to its lowest level in 11 months amid rising worries over Brexit.

The pound came under strong pressure following an interview of Britain’s international trade secretary, Liam Fox, who told The Times that there is “60‑40” chance of failed Brexit negotiations.

During the interview, Fox also accused the European political elite of putting “theological obsessions” ahead of the economic stability and well being of the union.

Fox’s comments sent the pound tumbling on Monday to an 11-month low of 1.2920. At press time, the GBP/USD currency pair is floating slightly above the day’s lows at 1.2945.

The pound also lost ground against the euro during Monday’s trading session. The EUR/GBP pair closed at 0.89256 - a drop of approximately 0.33% for the pound.

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