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The pound is back below $1.22 as the recovery runs out of steam

Sterling's revival against the dollar is collapsing fast, with the markets spooked by the hard stance of a key Brexit minister. The pound was up over 1% against the dollar for much of Wednesday but began collapsing around 1.30 p.m. BST (8.30 a.m. ET). Here is how it looks just after 2.00 p.m. BST (9.00 a.m. ET):The collapse coincides with David Davis, the Secretary of State for Exiting Europe, answering questions on the government's Brexit strategy in Parliament.
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