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Pound Tumbles as U.K., EU Brexit Divide Deepens: Inside G-10


Saturday, 22 September 2018 00:19 WIB

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The pound tumbled the most since June 2017 against the dollar and haven currencies held firm after U.K. Prime Minister Theresa May said the Brexit negotiations were at an impasse.

Cable briefly erased weekly gains following reports that the talks have broken down as parties turned increasingly defiant

May said it wasn't acceptable for European Union leaders to flatly reject her Brexit divorce plan and called on negotiators to treat the U.K. with respect.

GBP/USD tumbled as much as 1.6% Friday to a 1.3056 session low

Even prior to the Brexit developments, traders were already noting pound selling on profit-taking and corporate supply ahead of the 1.3317 38.2% Fibo level of the YTD high to low

EUR/GBP rose as much as 1.3% to 0.8995, highest level since Sept. 7 

Source : Bloomberg


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