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There has been some progress after the latest round of negotiations between the UK’s chief Brexit negotiator David Frost and his European counterpart Michel Barnier but they failed to bridge all differences, an EU diplomat said on Monday, per Reuters.

“Gaps include stable access to UK waters for EU fishermen and state aid provisions,” the diplomat further noted and added that they are at a “make it or break it” moment.

Market reaction

The British pound continues to have a difficult time finding demand after this headline and the GBP/USD pair was last seen losing 1.3% on a daily basis at 1.3260.