Pound Crashes Against Dollar on Brexit Talks Failure and Mixed UK Data

The  Sterling pound today fell against the  dollar fueled by  news that there was no breakthrough in  yesterday’s Brexit talks between the  EU and  UK leaders. The  GBP/USD currency pair’s decline was also fueled by  the  mixed UK data released earlier today and  the  predominantly negative investor sentiment.
The  GBP/USD currency pair today fell from a  high of  1.3389 in  the  Australian market to  a  low of  1.3332 in  the  early London session and  was headed lower at  the  time of  writing.
The  currency pair’s fall today was fueled by  news that British Prime Minister Boris Johnson was unable to  reach a  deal with his European Union counterpart Ursula von der Lyen at  yesterday’s dinner. PM Johnson flew to  Brussels in  an  attempt to  break the  deadlock hit by  negotiators from both sides but was unable to  reach a  deal. The  release of  the  upbeat UK industrial and  manufacturing production indices by  the  Office for  National Statistics had a  muted impact on  the  pair. The  downbeat UK goods trade balance data contributed to  the  pair’s decline. The  in-line UK monthly GDP report for  October could not stop the  pound’s losses.
The  cable was at  the  mercy of  the  Brexit headlines and  news that the  European Commission was preparing contingency measures for  a  no-deal Brexit did not help the  pair. The  mixed US macro releases during the  early American session did not help the  pair.  
The  currency pair’s future performance is likely to  be affected by  Brexit headlines and  US dollar dynamics.
The  GBP/USD currency pair was trading at  1.3289 as  at  14:32 GMT having fallen from a  high of  1.3389. The  GBP/JPY currency pair was trading at  138.72 having dropped from a  high of  139.66.
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