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Robert Peston of ITV is reporting that the talks between the ruling Conservative Party and the opposition Labour Party are close to collapsing. He writes that there was no progress over the Easter holiday  

He adds:

Both ministers and Labour frontbenchers tell me they will not be able to reach a cross-party compromise on Brexit that could see MPs belatedly approve a version of May’s deal.

PM Theresa May reached out to the opposition after she was unable to muster a majority to pass the accord she reached with the European Union. The main sticking point remains a customs union which Labour favors and the government opposes.  

Mutual accusations have been floating in recent days.

GBP/USD is trading in the lower half of the 1.2900 handle. Apart from Brexit concerns, the US Dollar is gaining ground across the board.