GBP/JPY Depreciates After Failed Negotiations

The Sterling depreciated yesterday due to failure to come up with an agreement on the Brexit question. UK's PM Theresa May and Jean-Claude Juncker failed to reach a consenus on the Brexit terms and what initially seemed like an event with a positive outcome ended up as nothing more than just a regular talk with no real consequences.

What was expected from yesterday's lunch was to pave the way from a divorce to trade between the UK and the EU but none of that happened and the Sterling took a dive depreciating against its peers.

GBP/JPY went as high as 152.949 and depreciated to 150.51 just a while ago. Currently, the pair is trading at 150.70, slightly higher than the lowest low but the selling wave is still taking place and we might see below 150 before the end of the week.

Chart: GBP/JPY H4