Brexit: UK PM Johnson gives EU final chance to compromise over protocol – The Times

Anil Panchal FXStreet

Late Wednesday, Reuters came out with the news saying, “UK Prime Minister Boris Johnson is set to give talks with the European Union over Northern Ireland "one last chance" before introducing legislation that will allow him to override the controversial protocol governing post-Brexit trade, The Times reported.”

Additional quotes

Johnson has sent Northern Ireland minister Conor Burns to Washington in an attempt to explain the government's new strategy that would give ministers the power to unilaterally suspend part of the agreement that was signed by Johnson in 2019, the report said.

Britain and the EU have been trying for months to overcome a deadlock over the Northern Ireland protocol, which sets the trading rules for the British region that London agreed before it left the EU but now says are unworkable.

GBP/USD pares post-Fed rally ahead of BOE

The news allows GBP/USD bulls to take a breather as prices retreat towards 1.2600, following a 178-pip rally to 1.2638, mainly led by the Fed’s rejection of a 0.75% rate hike.

It’s worth noting that the cautious sentiment ahead of the Bank of England (BOE) monetary policy meeting also would have tested the cable buyers.

Read: GBP/USD oversteps 1.2630 as Fed’s policy announcement cheers market mood, BOE eyed

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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