GBP/USD Drops 2.11% in Just Two Days

GBP/USD Drops 2.11% in Just Two Days

The British pound has experienced a sharp decline, losing nearly 250 points over two trading sessions. This significant drop follows the EU’s dissatisfaction with UK Prime Minister Boris Johnson’s firm stance on achieving a Brexit deal by the October 31 deadline. In response, the EU has proposed a No-Deal forum to convene on October 15 to address pressing concerns.

Investor sentiment has soured due to growing fears of a no-deal Brexit, triggering a sell-off in the pound. The uncertainty surrounding the UK’s exit from the EU has left markets jittery, with traders wary of further downside risks.

If GBP/USD breaks below the critical 1.21 level, it could pave the way for a retest of the January 2017 lows near 1.19. This level will be closely watched as market participants navigate the ongoing political and economic turbulence.

Stay tuned for updates as the Brexit saga continues to weigh heavily on the pound and global markets.