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Pound tumbles as fears of hard Brexit return

Pound tumbles as fears of hard Brexit return

The British Pound tumbled against every single G10 currency on Tuesday, following reports that UK Prime Minister Boris Johnson was adopting a hard line on Britain’s transition period for exiting the European Union.

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Source: Bloomberg Finance L.P.

Renewed fears over the United Kingdom leaving the European Union by the end of 2020 with no deal has haunted investor attraction towards the Pound. The GBPUSD is tumbling over 150 pips and is expected to depreciate further in the near term on growing fears of a hard Brexit.

In regards to the technical picture, the GBPUSD is trading around 1.3150 as of writing. A breakdown below this level should open a path towards 1.3000 and 1.2900, respectively.

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