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Citing a senior EU diplomat, The Guardian reported that the Brexit white paper was not going to form the basis of negotiations with the EU and added that British government sources also admitted growing despair over “the intransigence of their EU counterparts.”

“Led by Michel Barnier’s deputy, Sabine Weyand, the EU’s team of officials picked apart the most contentious parts of the paper as it was presented by Olly Robbins, Theresa May’s chief Brexit adviser, leading to increased concerns on both sides that a no-deal scenario is moving from possible to likely,” The Guardian wrote.

As of writing, the GBP/USD was trading at 1.3055, down 0.43% on the day.