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“We have set a deadline for the UK and therefore we are going to take this step by step,” European Commission spokesman Eric Mamer said on Friday, as reported by Reuters.

“We are going to wait for the reaction of the United Kingdom by that deadline and we will consider next steps once we have reached that particular bridge,” the spokesman added. “In the meantime, we will make no further comment.”

Market reaction

These remarks were largely ignored by the market participants. As of writing, the GBP/USD pair was up 0.12% on the day at 1.2818.