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European Union’s chief Brexit negotiator, Michel Barnier, said that the EU and the UK are in a crucial moment in trade negotiations.

“The EU remains committed to a fair, reciprocal and balanced agreement. We respect the sovereignty of the UK and we expect the same,” Barnier tweeted out. “Both the EU and the UK must have the right to set their own laws and control their own waters and we should both be able to act when our interests are at stake.”

Market reaction 

The GBP/USD pair extends its daily slide after these comments and was last seen losing 0.85% on a daily basis at 1.3350.