The pound is about to make its first weekly loss in a month after Teresa May's speech

LONDON (Reuters) - The British pound extended its decline in the US market on Friday against the US dollar, about to make its first weekly loss in a month after newspaper reports said the UK could leave the EU before 2019. In her speech today in Italy, British Prime Minister Teresa Mae said that companies Citizens need a period of adjustment to a world where the UK is no longer the property of the European Union, and said that the transitional period must be agreed upon as soon as possible and be time-limited.

GBPUSD fell by 0.7%, after opening the day at $ 1.3579, and recorded a high of $ 1.3596, and a low of $ 1.3488.

Yesterday, the pound gained 0.6% against the US dollar, its second daily gain this week, as the greenback weakened against most major and major currencies.

GBPUSD has lost 0.5% against the USD this week, about to make its first weekly loss in a month, due to corrections from a 15-month high and renewed concerns over the ambiguity of the EU's disengagement commissioners.

A British Telegraph report said the UK could leave the EU before March 2019, raising concerns about leaving without reaching a final agreement with the EU. The experts ruled out the possibility that the secession would only take place Satisfactory agreement between the British and European sides.

British Prime Minister Teresa Mae told the public in Florence today that companies and citizens need a period of adjustment to a world where the UK is no longer the property of the European Union and said that the transitional period must be agreed as soon as possible and be time-limited.

She urged negotiators from the British and European sides to come up with innovative and practical solutions to the UK's exit from the EU, saying these solutions should go beyond the EU's existing arrangements with other countries.

May added that the future partnership of her country with the European Union can not be like the European Economic Area where goods, services and people are moving freely, and can not be based at the same time on a business deal such as those owned by the European bloc with Canada.

Mae stressed her country's full compliance with financial obligations to the EU, although it did not specify any figures. Preliminary calculations from the European Union indicated that the draft secession law would be in the range of 60 billion euros (71.86 billion US dollars) as a minimum.

British media reports this week said the United Kingdom was prepared to pay 20 billion euros (23.92 billion US dollars) for a two-year transitional period after the country's exit from EU membership.

One of the biggest concerns for many EU member states is the deficit the UK will leave in the European budget once the bloc officially leaves on March 29, 2019.

The pound jumped Wednesday to a 15-month high against the US dollar at $ 1.3655 after UK retail sales rose more-than-expected in August, boosting expectations that the central bank will raise British interest rates in the short term.

The pound gained last week a weekly gain of 3 percent against the dollar, its biggest weekly gain since October 2009, after the Bank of England warned it could raise interest rates for the first time in 10 years in the coming months as inflationary pressures mounted.