EU readies to drop ‘maximalist’ approach to fisheries negotiations with UK in Brexit talks – Reuters

Citing sources familiar with the matter, Reuters reports that the European Union (EU) is ready to drop its current ‘maximalist’ approach to fisheries negotiations with the UK in the next round of new Brexit talks, starting next week.

The sources said this would be the first major concession from the bloc in talks on their ties after Brexit.

Ahead of another round of EU-UK talks next week, an EU official told Reuters, "There have been hints of a possible reconciliation of approaches.”

"We would be looking to shift on demands to keep everything as is now, a somewhat maximalist opening the position, if the UK also moved from its position of coastal attachment. That's where the room for compromise lies,” the official added.

Market reaction

GBP/USD is nearly one big figure up in the European session, as the pound catches fresh bid-wave on the above report. Broad US dollar weakness is also bolstering the bullish momentum in the cable.

At the press time, the spot rallies 1.12% to fresh two-week highs of 1.2325.

GBP/USD Technical levels to watch