GBP Drops by 1.6% as Theresa May Preps for Hard Brexit

The sterling pound dropped by as much as 1.6% and has settled below $1.20 for the first time since October’s infamous flash crash following reports from the market that UK PM Theresa May will soon be outlining her plans of removing UK from the EU single market as part of her attempt to take back control of UK borders, as well as laws. The GBP dropped significantly in comparison to other major currencies after general market concerns that Theresa May will be opting for a hard Brexit and is planning to pull out UK from tariff-free trading in order to put a stop to immigration while promoting trading with other countries.