Sterling Erases Thursday’s Gains After Theresa May Fails to Renegotiate Brexit Deal

The Great Britain pound crashed today, erasing yesterday’s gains versus a range of major currencies, as UK Prime Minister Theresa May was unable to renegotiate the Brexit deal with the European Union.
May won her party’s confidence vote this week, but only with promises to make the Brexit deal more acceptable to her MPs. Yet she left Brussels empty-handed as the EU officials reiterated that the deal is non-renegotiable, keeping their “take it or leave it” stance. With the new blow to the EU-UK negotiations, it looks like the no-deal Brexit scenario is becoming more and more probable.
GBP/USD dropped from 1.2650 to 1.2564 as of 12:24 GMT today. GBP/JPY sank from 143.62 to 142.71.

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