12:08 PM · 16 October 2020

BREAKING: GBP slumps as Reuters hints at no deal

GBPUSD slumped from daily high at 1.2960 to 1.2870 following the Reuters report. According to the news agency, UK Prime Minister Boris Johnson will announce that lack of progress during the EU summit means that the United Kingdom needs to get ready for a no-deal exit in January. However, this does not necessarily mean that the UK won't negotiate with the EU further. UK will aim for an Australia-style deal as Canada-style (better terms) seems out of reach. GBPUSD managed to regain part of losses later on and climb back above 1.2900.

GBPUSD slumped following Reuters report on Brexit deal. Source: xStation5

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