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The UK pound shed its gains in volatile action after hopes that the first phase of Brexit talks would reach a conclusion today were dashed during a press conference in Brussels.

Sterling was recently flat on the day at $1.3459. It traded above $1.35 before the news, and had reached a session high of $1.3538 earlier in the day.

“Despite our best efforts and significant effort, it was not possible to reach a complete agreement today,” said Jean-Claude Juncker, European Commission president. “This is not a failure, this is the start of the very next round.”

Sterling fluctuated in a wide range as this week got underway, with investors eyeing every single development in Brexit talks crucial for moving on to discussions on a UK-EU trade deal to be put in place following Britain’s separation from the bloc.

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