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The 'great British peso' has had a rough week, and it's only Tuesday. Adding to Monday's sharp selloff, sparked by fears that Boris Johnson is planning to take the UK out of the EU without a deal, the pound tumbled to fresh two-year lows on Tuesday, bringing the currency's total drop over the past four trading days to 2.5%, and 4% since the end of June.
The market's anxieties about a no-deal Brexit are probably here to stay (at least until Oct. 31), with neither the EU nor Johnson willing to compromise on the hated "Irish Backstop". Monday was a "huge day" of selling for GBPUSD, according to Robert Turner, a quant trader at RBC in London, per the FT.
Turner - Sterling - Dec - Year - Height
Turner said flows out of sterling were the highest since Dec. 11 last year, which coincided with "the height of the concern over an imminent no-deal exit."
If the currency doesn't see a sharp rebound in the near future, it will be...
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