Brexit: Chief EU Negotiator Banier says the EU not in a position to find an agreement – GBP/USD pressured

Chief EU Negotiator Michel Barnier has said "To put things frankly, we are not really in a position where we can find an agreement" The comments from the French statesman follows an unfruitful conversation between UK Prime Minister Boris Johnson and German Chancellor Angela Merkel on Tuesday, after which hopes for an accord fell sharply. 

European Commission President Jean-Claude Juncker has added that he does not exclude a Brexit deal and that they are working on one. The outgoing head of the commission added that the EU refuses to accept the blame game started in London.

GBP/USD is pressured, closer to 1.22. Support below the round number awaits at 1.2155, and the day's high is 1.2291.

Earlier, EU diplomats have been briefed that the most contentious issues regarding Brexit, including border checks, the role of the Stormont Assembly, and customs arrangements were not discussed with the UK. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: Bullish case underpinned by weekend news

The EUR/USD pair has rallied Friday to close with gains for a third consecutive week at 1.1169. There was no particular catalyst for EUR gains. ECB scheduled to meet this week, although no fireworks expected this time.


GBP/USD: Uncertainty or relief? Action granted anyway

Hopes that the UK will avoid a hard-Brexit kept the Pound rallying against all of its major rivals by the end of last week, with GBP/USD finishing it a handful of pips below the critical 1.3000 level.


USD/JPY: Corrective slide to continue on sentiment

The USD/JPY pair closed the week at around 108.40, down Friday for a third consecutive day as the American currency remained under selling pressure. USD/JPY at risk of falling further only if it breaks below 108.00.


Gold turns flat above $1,490 as USD remains under pressure

After dropping to a daily low of $1,485, the XAU/USD pair staged a modest rebound during the American trading hours and turned flat on the day near $1,492.

Gold News

China’s downward economic path offers no escape from its trade problems

There were no surprises in China’s GDP figures as the government portrays an economy slipping steadily lower giving little promise of improvement or support for the waning global expansion.

Read more