British pound recovers as May outlines Brexit 'Plan B'

The pound recovered ground Monday after British Prime Minister Theresa May said she plans to return to Brussels to discuss changes to the Brexit deal she agreed with EU leaders last month despite an overwhelming rejection of the draft text by MPs last week. There was mixed news out of China, with official data showing the country's economic growth at its slowest pace in 28 years offsetting a report that the country has offered to eliminate its massive trade surplus with the United States -- easing trade war tensions between the world's two biggest economies. "Unless the British PM intends to commit political suicide, an extension request is the most likely scenario and the EU will most probably agree, which should be a positive development that will take the pound towards $1.30 again," predicted Konstantinos Anthis, Head of Research at ADSS.