British Pound depreciates on no-deal Brexit risks

During Tuesday session on July 16, the British Pound depreciated 108 pips or 0.86% against the US Dollar.  

The reason for the drop is the increasing risks of a no-deal Brexit, as arch-brexiteer Boris Johnson most likely to become the leader of the Conservative Party, as well the UK Prime Minister next week.  

Also, the economic data indicates that the UK economy might force the Bank of England to ease its monetary policy.