GBP drops as Brexit deadlock continues

British pound found itself under renewed selling pressure this morning. EU officials confirmed overnight reports saying that the bloc has rejected fisheries compromise presented by the United Kingdom. Odds of a no-deal Brexit continue to increase as the European Union sticks to its hardlines and rejects concessions offered by the UK. Fishing rights are the last unresolved hurdle in Brexit talks. EU wants a 7-year transition period and lowering of quotas by 25% at most. Meanwhile, the UK has offered a 5-year transition period and 35% decrease in EU fishing quotas. GBPUSD plunged to a daily low at around 1.3360 but the move was partially erased already.

GBPUSD reaches a fresh daily low following confirmation from the European Union that the latest UK compromise offer on fisheries was rejected. Source: xStation5

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GBP drops as Brexit deadlock continues

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