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According to German news outlet Der Spiegel,  European Parliament president – David-Maria Sassoli, has rejected the United Kingdom (UK) Brexit proposal.

This development seems to be weighing on the British pound. As of writing, the GBP/USD pair, which touched a daily low of 1.2282 in the last minutes, was last seen trading at 1.2297, losing 0.25% on the day. The EUR/GBP pair also spiked to a fresh session high of 0.8926 and is now up 0.3% on a daily basis at 0.8920.