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Trade negotiations between the UK and the EU are stuck on fisheries, including quota allocation, annual negotiations and zonal attachment, Reuters reported on Tuesday, citing EU and UK sources familiar with the matter.

Additional takeaways

“Trade negotiations have so far failed to agree on the level playing field, EU wants to prescribe joint standards in a more detailed way but the UK is against it.”

“Trade negotiators have so far failed to overcome differences over state aid, as well as EU demand for independent oversight body in the UK to police any new deal.”

“EU expects good progress and sides closing in on joint legal texts for other areas, including social security.”

“EU chief Brexit Negotiator Michel Barnier may debrief 27 national envoys in Brussels on Wednesday afternoon.”

Market reaction

The GBP/USD pair retreated slightly from daily highs above 1.3000 and was last seen gaining 0.65% on the day at 1.2993.