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Citing sources familiar with talks, “the fate of Brexit negotiations depend on London moving with technical negotiations having now reached an impasse,” Bloomberg on Wednesday reported and claimed that  the negotiations could collapse amid Democratic Unionist Party (DUP) pushback to the proposed deal.

With the initial reaction, the GBP/USD pair fell sharply below the 1.27 mark. As of writing, the pair was trading at 1.2708, losing 0.6% on the day. On the other hand, the EUR/GBP pair is up 0.65% at 0.8680.