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Citing European Union (EU) officials, Reuters reported that while addressing 27 member states, the EU’s  Chief Brexit Negotiator Barnier said that Britain has  accepted that the solution to replace the backstop cannot erect customs border on the island of Ireland.”

“EU diplomats say the possible solution would keep Northern Ireland in the UK customs union but at the same time preserve the unity of customs and regulatory checks on the Irish Sea.”

The GBP/USD pair doesn’t seem to be showing a significant reaction to these headlines. As of writing, the GBP/USD pair was up 1.4% on the day at 1.2615.