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British pound drops to 1 1/2-year low as U.K. Parliament says May must disclose Brexit legal advice

Anneken Tappe

The British pound turned negative half-way through the U.S. session on Tuesday, as the U.K. members of Parliament voted that Prime Minister Theresa May's government was in contempt after failing to publish the full legal advice for May's Brexit deal. The legal advice must now be published. The embattled PM is facing a parliamentary vote on Dec. 11 on the agreement she reached with the EU. Sterling turned negative in response, dropping to $1.2676, its lowest level since June 2017, according to Dow Jones Market Data. The euro-sterling pair was slightly stronger, with one euro buying £0.8935. The pound had been stronger for most of Tuesday's session after the European Court of Justice published an opinion by the Advocate General saying that the U.K. could unilaterally reverse Brexit.