The pound is flat ahead of Theresa May's crucial Brexit speech in Florence

LONDON — The British pound is virtually unmoved in early afternoon trading on Friday as investors wait to hear what Prime Minister Theresa May says during her key Brexit speech in the Italian city of Florence a little later.

May will speak at around 2.15 p.m., and is expected to give her most comprehensive address on Brexit since the now infamous Lancaster House speech in January, when she first set out her Brexit vision.

The prime minister is expected to say that the UK will fill the hole in EU budgets left by Britain’s exit until at least 2021, two years after Brexit.

She is also expected to call for a “time-limited” transition period lasting around two years and to set out further plans for the rights of EU citizens living in the UK to be enshrined in law after Brexit.

“While the UK’s departure from the EU is inevitably a difficult process, it is in all of our interests for our negotiations to succeed,” she will say, according to an extract of the speech briefed to the media.

The full contents of her speech, however, have not yet been revealed, and any surprises could cause substantial movement in the pound. For now though, sterling is completely flat.

Here is the chart showing sterling’s day in the context of the last week:

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