LONDON — The pound dropped sharply against the euro on Monday afternoon following an announcement from the European Commission President Jean Claude Juncker that British and EU negotiators have failed to reach a deal on the Irish border after hours of talks.

Around 3.50 p.m. GMT, sterling fell off a cliff after Juncker confirmed that talks on the border question have so far failed to end in an agreement. Britain’s currency fell from around €1.1410 against the single currency to a low of €1.1340, before recovering a little ground, as the chart below illustrates:

a close up of a map: Screen Shot 2017 12 04 at 16.04.10© Provided by Business Insider UK Screen Shot 2017 12 04 at 16.04.10 Earlier the pound jumped after reports that Britain had made an important concession in Brexit negotiations on the issue of the Irish border.