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A spokeswoman for the European Commission recently told reporters that Britain will be the biggest loser is the UK were to leave the EU without a deal.  

“The EU  is prepared for all eventualities, a no-deal Brexit is never the EU’s prefered scenario,” the spokeswoman added. “The EU sees no need for further measures to prepare for a no-deal Brexit.”

Earlier in the session, opposition Labour Party’s leader Jeremy Corbyn voiced his commitment to stop a no-deal Brexit.  

At the moment, the GBP/USD pair is losing 0.2% on a daily basis at 1.2125.