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Markets are responding in kind to a report released by Bloomberg that states that the 

European Union is considering a fresh proposal on fishing rights from the UK.

In a previous post, it was noted that the UK’s prime minister Boris Johnson is aiming to secure an 11th-hour trade deal.

UK PM Johnson said to make ‘last-ditch push’ for Brexit deal with move on fish whereby the UK is ready to let the EU boats retain two-thirds of their catch, according to Bloomberg. 

”Both parties had signalled over the weekend that they could make no further compromises, but on Monday the UK offered to give further ground if the EU backed down in other areas, according to people familiar with the negotiations,” the article reads.

”The latest suggestion from Britain would see the EU reduce the value of the fish it catches in UK waters by about a third. Last week the UK was insisting the EU accept a 60% cut.”

Market implications

Subsequently, traders have bought back sterling on profit-taking and stop losses have likely exacerbated the move in EUR/GBP below prior support to the next structure on the hourly chart:

EUR/GBP Price Analysis: Bears take back control, eyes on 0.9031 POC