GBP/JPY plunges 300-pips to 145.00 on renewed Brexit jitters

• Brexit anxiety, awful UK retail sales data drag GBP/JPY sharply lower.
• All eyes on the UK Brexit Cabinet meeting and UK inflation data for fresh directional move.

The relentless selling in the pound amid renewed Brexit jitters, knocks-off the GBP/JPY cross to the lowest levels in two weeks just below the 145 handle.

Brexit deal – a distant dream, GBP sinks 

The latest news that the UK Brexit Secretary Raab resigned from his position amid disagreement on indefinite Irish border backstop poured cold water on a potential Brexit deal likely to be clinched this month, bring Brexit blues back to the fore.

The investors are heavily selling off the pound on re-emergence of Brexit uncertainty that pushed the Cable briefly below the 1.28 handle, down nearly 1.50% so far. The GBP/JPY cross sinks -1.77% to 145.04 levels, with further downside opening up towards the 143.25 level-

Moreover, a downside surprise delivered by the UK retail sales report exacerbated the pain in the sterling, collaborating to further declines in the cross. Markets will continue to weigh in the Brexit-related developments, with all eyes on the US retail sales and the sentiment on the Wall Street for further trading impetus.

GBP/JPY Technical Levels