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According to the latest headlines floating on the wires, via Reuters, European Union leaders will be meeting in Brussels on Thursday and Friday to discuss Brexit and will label progress in talks with Britain as “still not sufficient” to seal a new trade deal.

A draft summit decision seen by Reuters mentions that the 27 national leaders will tell their negotiators to intensify talks with Britain to reach and implement an agreement from January 1, 2021. They will also decide to step up contingency preparations for an abrupt economic split without a deal to avoid tariffs or quotas.

The not so optimistic headlines took its toll on the British pound and pushed the GBP/USD pair below the 1.2900 mark, or four-day lows in the last hour.