Europe

Pound sags amid 'hard Brexit' signals ahead of May speech

  • Britain's Prime Minister Theresa May looks out of 10 Downing Street as she wait for the arrival the Prime Minister of New Zealand Bill English at 10 Downing Street in London, Friday, Jan. 13, 2017. (AP Photo/Frank Augstein)

    Britain's Prime Minister Theresa May looks out of 10 Downing Street as she wait for the arrival the Prime Minister of New Zealand Bill English at 10 Downing Street in London, Friday, Jan. 13, 2017. (AP Photo/Frank Augstein)  (The Associated Press)

  • A pedestrian with an umbrella passes a board showing the exchange rates at a money exchange bureau in London, Monday, Jan. 16, 2017. The British pound fell to a three-month low amid reports Prime Minister Theresa May will signal her willingness to make a clean break with the European Union. Sterling fell below 1.20 US Dollars before recovering slightly Monday. (AP Photo/Kirsty Wigglesworth)

    A pedestrian with an umbrella passes a board showing the exchange rates at a money exchange bureau in London, Monday, Jan. 16, 2017. The British pound fell to a three-month low amid reports Prime Minister Theresa May will signal her willingness to make a clean break with the European Union. Sterling fell below 1.20 US Dollars before recovering slightly Monday. (AP Photo/Kirsty Wigglesworth)  (The Associated Press)

  • A pedestrian passes a board showing the exchange rates at a money exchange bureau in London, Monday, Jan. 16, 2017. The British pound fell to a three-month low amid reports Prime Minister Theresa May will signal her willingness to make a clean break with the European Union. Sterling fell below 1.20 US Dollars before recovering slightly Monday. (AP Photo/Kirsty Wigglesworth)

    A pedestrian passes a board showing the exchange rates at a money exchange bureau in London, Monday, Jan. 16, 2017. The British pound fell to a three-month low amid reports Prime Minister Theresa May will signal her willingness to make a clean break with the European Union. Sterling fell below 1.20 US Dollars before recovering slightly Monday. (AP Photo/Kirsty Wigglesworth)  (The Associated Press)

The British pound fell to a three-month low amid reports Prime Minister Theresa May will signal her willingness to make a clean break with the European Union.

The currency fell below $1.20 before recovering slightly Monday. It has lost about a fifth of its value since Britain voted in June to leave the EU.

May is due to disclose details of Britain's plan for leaving the EU in a speech on Tuesday. Her office says she will call for a "global Britain" open to the world.

British media say she'll signal a willingness to take the U.K. out of the EU's single market in goods and services in order to gain control over immigration.

That prospect alarms many in Britain's huge financial services sector, which relies on EU access.