Mubasher: A spokesman for the British prime minister announced that the start date of formal talks for Britain‘s exit from the European Union (EU), also known as Brexit, will be on 29 March, according to the BBC.
The date set for triggering Brexit or Article 50 in the Lisbon Treaty came nine months after the majority of the British people voted to leave the EU. In the June 2016 referendum, 51.9% voted in favour of a Brexit versus 48.1% who voted to stay. A total of 72.2% of eligible voters voted in the referendum.
By 1.00 pm GMT, the GBP-USD pair fell 0.15% reaching $1.2377.
The GBP also fell against the euro by 0.28% to GBP 0.868.
The Lisbon Treaty is the formal notification of the UK's intention to exit the EU.