European Council President Tusk Receives Article 50 Letter From UK Ambassador - TheStreet

European Council President Donald Tusk said Wednesday that he had officially been handed Britain's formal request to leave the European Union, ending a decades-long membership and triggering a clause in the Treaty of Lisbon that allows member states to negotiate departure.

Sir Tim Barrow, Britain's EU Ambassador, delivered a six-page letter, signed late Tuesday by Prime Minister Theresa May, to Tusk in Brussels, a move that essentially fires the starting gun on what is expected to a long and torturous process of negotiations between not only lawmakers in Britain but also representatives of the 27 other member states that comprise the current European Union.

The pound, which had been trading in negative territory for much of the morning session, gained modestly in the minutes after the letter was delivered to trade at 1.2470 against the U.S. dollar.