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  • GBP/JPY falls back below 139.00 on falling odds of Brexit trade deal. 
  • UK sources say no progress, but process not closed.
  • UK’s PM Johnson will travel to Brussels to break impasse. 

Asian desks are offering British Pound and pushing GBP/JPY back below 139.00 on vanishing odds of a trade deal between the UK and the European Union (EU). 

The pair is currently trading at 138.88, representing a 0.21% decline on the day, having dipped from 139.88 to 137.90 on Tuesday. 

A British official warned Monday that Brexit talks could collapse unless the two sides make progress in the next few hours. Further, a spokesman for UK’s Prime Minister Borish Johnson said the talks might discontinue next year. 

On Monday, a British official warned talks could collapse unless negotiators make progress in the next few hours. According to Bloomberg, a spokesman for Prime Minister Boris Johnson ruled out the possibility of talks continuing next year. 

The Guardian reported late Monday that Johnson would make a trip in an 11th-hour effort to break the impasse, giving hopes of a deal on trade and security. So far, however, that has failed to invite buying pressure for the pound. GBP/JPY’s bounce from Monday’s low of 137.90 ran out of steam near 139.19 early today. The pair will likely pick up a strong bid if the two sides make tangible progress. 

Technical levels