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According to The Times, Germany has warned that Brexit would need to be delayed until next year even if the United Kingdom (UK) and the European Union (EU) were to reach an agreement before the end of the day on Tuesday.

“Optimism has grown on the European side that Boris Johsnon will table a new proposal by midnight, paving the way for a breakthrough at an EU summit on Thursday,” wrote The Times’  Bruno Waterfield.

“The prime minister has been told, though, that ironing out the details of his complicated Northern Ireland plan would take “some two more months”. It sets up a scenario in which he would have to abandon his promise to take Britain out of the EU “do or die” on Hallowe’en and agree an extension to Article 50.”

The GBP/USD pair largely ignored these headlines and was last seen trading at 1.2727, adding 0.95% on a daily basis.