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Review: Pound weakens as U.K. plans to launch Brexit next week

The pound dropped, reversing recent gains, after the U.K. government said it is ready to begin the process to withdraw from the European Union on March 29.

Sterling edged down 0.23 percent to the intraday low of $1.2367, offsetting a previous gain of as much as 0.3 percent.

The British government informed the European Council President Donald Tusk today of the plan to trigger Article 50 of the Lisbon Treaty. Now two years of complex negotiations are expected.

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