Having traded near sessions highs most of the morning session, sterling suddenly tumbled (even if Gilts refused to move) following a Bloomberg report that the UK is said to see Brexit breakdown if the EU refuses to compromise. In immediate kneejerk reaction, GBPUSD plunged 50 pips, to session lows on fears that Theresa May's visit to Brussels will be meaningless and just another opportunity for Juncker to get drunk. As Bloomberg adds, Brexit negotiations are heading for a "catastrophic breakdown" unless the European Union signals this week that it will allow talks to move on to trade, according to a person familiar ... (full story)