GBP/USD plummets on Brexit updates

On Friday morning, the GBP/USD currency exchange rate plummeted 188 pips or 1.41%.  

The drop was attributed to the President of the European Commission Ursula von der Leyen announcing to the European Summit that a no-deal Brexit is currently the most likely scenario.

In the meantime, UK officials stated that a no-deal Brexit would be a "choppy" road.

Moreover, the Governor of the Bank of England Andrew Bailey revealed during the day that the central bank is limited in its tools to reduce market volatility in the current environment.