GBP / USD collapses below 1.33 as Johnson reportedly ready to drop Brexit talks

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The Sun has reported that the Prime Minister of the United Kingdom, Boris Johnson is “ready to withdraw from Brexit negotiations in a few hours” in response to new EU demands. Earlier, both Brussels and London denied speculation that the two sides had reached an agreement on fisheries, one of three contentious issues. The other two issues are governance and a level playing field.

An unnamed senior EU official said that it is impossible to say if there will be an agreement. The bloc is affected by Johnson’s Internal Market Law, which violates the 2019 Withdrawal Agreement that precedes current negotiations.

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GBP / USD has fallen sharply, trading below the 1.33 level after hitting a daily high at 1.3437 At the beginning of the day.

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A breakdown in the talks would put Britain on track to return to the terms of the World Trade Organization, an unfavorable scenario for markets. The latest news could be the “darkest before dawn”: a last-minute discussion before reaching the agreement.

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