Sterling rally fades as dollar rebounds

Sterling pulled back from a three-week high on Wednesday after the dollar rebounded, and traders said investors were cautious about pushing the pound much higher until there was clarity on the terms of a Brexit transition deal. The pound had risen to its highest level since Feb. 27 earlier on Wednesday when it hit $1.3996 against the dollar, before slipping back. It traded at $1.3949, down 0.1 percent, at 1620 GMT, while it was flat versus the euro.

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