The British pound fell Wednesday on simmering Brexit tensions after Prime Minister Theresa <a href="https://www.wionews.com/world/requested-brexit-delay-until-june-30-uk-pm-theresa-may-to-european-union-leaders-204557">May asked EU leaders to delay the nation's departure</a> until June 30.

On eve of an EU summit in Brussels, May told parliament that she has written to EU President Donald Tusk to ask for the withdrawal date to be moved from March 29.

The European Commission warned in an internal briefing note that delaying Brexit to June 30 would bring "serious legal and political risks".

The EU's executive arm instead urged leaders to choose instead a short delay to May 23 or a longer one at least until the end of this year.

At around 1300 GMT, sterling was down almost one percent in value, sliding to $1.3149, while the euro rose to 86.40 pence. The unit was already in negative territory prior to May's announcement.

Analysts expressed doubt that the delay extension would allow May's Conservative government sufficient time to resolve the crisis.

"The pound's Wednesday only got worse after the confirmation that Theresa May is seeking a short delay from the EU, one that arguably does not give the government enough time to get through a sterling-positive Brexit deal," Spreadex analyst Connor Campbell told AFP.

"It appears that, despite the various votes highlighting MPs unwilling to leave the EU without a deal, that kind of disastrous exit is still very much on the table."

Rebecca O'Keeffe, analyst at online broker Interactive Investor, was similarly downbeat.

"A short delay is being perceived as the worst of all possible worlds for the UK and sterling," she told AFP.

"Rather than resolve the crisis, it suggests that Mrs May is likely to undergo three more months of brinkmanship.

"This will represent one more damaging quarter for UK businesses, especially those who had already implemented plans to cope with an end-March Brexit date.

"So it really is no surprise that the pound is going down, as investors face the prospect of another three months of purgatory."

The British pound fell Wednesday on simmering Brexit tensions after Prime Minister Theresa May asked EU leaders to delay the nation's departure until June 30. On eve of an EU summit in Brussels, May told parliament that she has written to EU President Donald Tusk to ask for the withdrawal date to be moved from March 29.

The British pound fell Wednesday on simmering Brexit tensions after Prime Minister Theresa May asked EU leaders to delay the nation's departure until June 30. On eve of an EU summit in Brussels, May told parliament that she has written to EU President Donald Tusk to ask for the withdrawal date to be moved from March 29. The European Commission warned in an internal briefing note that delaying Brexit to June 30 would bring "serious legal and political risks". The EU's executive arm instead urged leaders to choose instead a short delay to May 23 or a longer one at least until the end of this year. At around 1300 GMT, sterling was down almost one percent in value, sliding to $1.3149, while the euro rose to 86.40 pence. The unit was already in negative territory prior to May's announcement. Analysts expressed doubt that the delay extension would allow May's Conservative government sufficient time to resolve the crisis. "The pound's Wednesday only got worse after the confirmation that Theresa May is seeking a short delay from the EU, one that arguably does not give the government enough time to get through a sterling-positive Brexit deal," Spreadex analyst Connor Campbell told AFP. "It appears that, despite the various votes highlighting MPs unwilling to leave the EU without a deal, that kind of disastrous exit is still very much on the table." Rebecca O'Keeffe, analyst at online broker Interactive Investor, was similarly downbeat. "A short delay is being perceived as the worst of all possible worlds for the UK and sterling," she told AFP. "Rather than resolve the crisis, it suggests that Mrs May is likely to undergo three more months of brinkmanship. "This will represent one more damaging quarter for UK businesses, especially those who had already implemented plans to cope with an end-March Brexit date. "So it really is no surprise that the pound is going down, as investors face the prospect of another three months of purgatory."

Pound slides after UK requests Brexit delay

The pound tumbled Tuesday after the UK government's top legal advisor cast doubt on Prime Minister Theresa May's last-gasp changes to her Brexit deal hours before a vital vote that few think May can win.

Sterling, which had been rising after May secured revisions to the Brexit withdrawal agreement, hit reverse after legal advice from Attorney General Geoffrey Cox.

"It looks like any hopes of an unlikely victory for the PM's deal later have just been extinguished," said XTB analyst David Cheetham.

Cox said last-minute new agreements "reduce the risk" of Britain being "indefinitely and involuntarily" held in the so-called Irish border backstop.

However, he also warned that "the legal risk remains unchanged" that Britain would have no legal means of ending the controversial backstop without the European Union's agreement.

In reaction, the pound slid to as low as $1.3005 from $1.3143 just before Cox published his advice. The euro jumped to 86.55 pence from 85.75 pence.&nbsp;

Overnight, following news of May's hard-won EU concessions, sterling had struck a three-week peak at $1.3289 and to 84.76 pence per euro -- a level last seen in May 2017.

Nose dive

"Sterling took a nose dive on the back of the Cox statement," said ThinkMarkets analyst Naeem Aslam.

"It was his opinion which matters the most; now that he has made it clear that the recent deal has no weight, the door is wide open for sterling to move lower."

Rabobank analyst Jane Foley said the despite the volatility, the pound remains the best performing G10 currency so far this year.

"Even if May’s deal is not passed today, the market consensus remains of the view that a hard Brexit will be avoided and this view continues to provide underlying support for the pound."

If the deal is voted down, MPs will Wednesday vote on whether Britain should simply leave on March 29 without any deal at all.

London's stock market, meanwhile, did well on Tuesday, as is often the case when sterling is weak.

Frankfurt closed lower and Paris slightly up.

On Wall Street the DJIA index was lower in the early New York afternoon, but the S&amp;P 500 and Nasdaq both rose.

Boeing shares lost more than six per cent on the second day of a rout for the airline's stock as several governments closed their countries' airspace to 737 MAX planes and airlines grounded the aircraft following a crash in Ethiopia.

The pound tumbled Tuesday after the UK government's top legal advisor cast doubt on Prime Minister Theresa May's last-gasp changes to her Brexit deal hours before a vital vote that few think May can win.

The pound tumbled Tuesday after the UK government's top legal advisor cast doubt on Prime Minister Theresa May's last-gasp changes to her Brexit deal hours before a vital vote that few think May can win. Sterling, which had been rising after May secured revisions to the Brexit withdrawal agreement, hit reverse after legal advice from Attorney General Geoffrey Cox. "It looks like any hopes of an unlikely victory for the PM's deal later have just been extinguished," said XTB analyst David Cheetham. Cox said last-minute new agreements "reduce the risk" of Britain being "indefinitely and involuntarily" held in the so-called Irish border backstop. However, he also warned that "the legal risk remains unchanged" that Britain would have no legal means of ending the controversial backstop without the European Union's agreement. In reaction, the pound slid to as low as $1.3005 from $1.3143 just before Cox published his advice. The euro jumped to 86.55 pence from 85.75 pence. Overnight, following news of May's hard-won EU concessions, sterling had struck a three-week peak at $1.3289 and to 84.76 pence per euro -- a level last seen in May 2017. Nose dive "Sterling took a nose dive on the back of the Cox statement," said ThinkMarkets analyst Naeem Aslam. "It was his opinion which matters the most; now that he has made it clear that the recent deal has no weight, the door is wide open for sterling to move lower." Rabobank analyst Jane Foley said the despite the volatility, the pound remains the best performing G10 currency so far this year. "Even if May’s deal is not passed today, the market consensus remains of the view that a hard Brexit will be avoided and this view continues to provide underlying support for the pound." If the deal is voted down, MPs will Wednesday vote on whether Britain should simply leave on March 29 without any deal at all. London's stock market, meanwhile, did well on Tuesday, as is often the case when sterling is weak. Frankfurt closed lower and Paris slightly up. On Wall Street the DJIA index was lower in the early New York afternoon, but the S&P 500 and Nasdaq both rose. Boeing shares lost more than six per cent on the second day of a rout for the airline's stock as several governments closed their countries' airspace to 737 MAX planes and airlines grounded the aircraft following a crash in Ethiopia.

Brexit tension sends pound tumbling

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Pound slides after UK requests Brexit delay

Brexit tension sends pound tumbling