Pound plummets to 11-month lows on no-deal Brexit concerns The GBP/USD is trading in the mid 1.2900s, down on the day. UK International Trade minister Fox said that a no-deal Brexit has a 60% chance of happening, increasing concerns of a major disruption to the economy and it is weighing on the Pound. The pair last traded at these levels in early September 2017. The US Dollar is also slightly stronger across the board but the central driver for Cable is the weaker pound. The Bank of England hiked the Bank rate last Thursday by 25 basis points in the unanimous vote to 0.75% helping Sterling to recover to 1.3129 last Thursday. With the Bank of England dovish rhetoric on subsequent press conference saying future rate hikes will only be very gradual and limited, the GBP/USD slumped to 1.3000 area and remained stuck to that level even as it fell as low as 1.2975 intraday on Friday. Brexit related uncertainty and the lack of economic stimulus both weigh on Sterling that is expected to target 1.2900 round big figure next before testing 1.2870, representing 61.8% Fibonacci retracement of the uptrend from a post-Brexit low of 1.1940 to 1.4373.