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According to The Telegraph’s Brussels correspondent – James Crisp, EU-27 will reject June 30 extension date and insist on May 22 instead, to avoid a clash with the European Parliament elections.  

This eventually means that the UK PM Theresa May will have only a short window to get her deal through the UK parliament, which seems unlikely in the current situation. The news prompted some fresh selling around the British Pound, with the GBP/USD pair now slipping back below the 1.3200 handle.