Sterling falls after two-day rally

The British pound fell against its major counterparts on Friday, to snap the 2-day rally amid growing fears over the coronavirus and its impact on the British economy.

EU officials expected that London will request an extension for the Brexit transitional period and will postpone the negotiations between the two sides.

The officials believe that the move maybe aimed at reaching an agreement between the two sides on the future relations between London and Brussels.

Data showed that the UK services PMI fell to 34.7 points during March, slightly lower than forecasts of 34.9 points.

The coronavirus infections are soaring in Europe, the US and globally, as the total number of infected cases rose over 1 million worldwide.

GBP/USD fell 0.9% to 1.228 as of 19:28 GMT, after the pair hit an intraday high of 1.2412 and a low of 1.22.05.