LONDON (Reuters) - Sterling hit the day's high on Wednesday in volatile trade while shares in British companies slipped after British Prime Minister Theresa May and European Council President Donald Tusk said Britain had formally triggered its divorce from the EU.
May's letter to Tusk, which she quoted from to parliament on Wednesday, said Britain and the EU must work together to minimize disruption and provide as much certainty as possible, and that a deep, special partnership was in the best interests of both sides.
Having earlier hit an eight-day low of $1.2377
"I think this is largely attributed to reducing one element of uncertainty in the process of actually triggering Article 50 but also the conciliatory tone in Prime Minister May's statement...focusing on the partnership with the EU and achieving a mutually beneficial relationship," said Alexandra Russell-Oliver, a currency analyst at Caxton FX.
Sterling also hit day's highs against the euro (EURGBP=D3).
Britain's FTSE 100 (FTSE) index - most of whose earnings are denominated in other currencies - hit a session low after May triggered Article 50, down 0.3 percent.
British mid-caps also fell, down 0.1 percent.
British government bond futures