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As the UK and European Union (EU) enter the ‘intensive phase’ of the post-Brexit trade negotiations, Ireland’s Foreign Minister Simon Coveney said on Monday that the UK must follow through on Brexit promises.

The trade talks are set to resume later today, with the impact of Brexit on fishing rights is expected to be high on the agenda.

Note that the UK has until Wednesday to ask for an extension to the transition deadline of the end of the year. But the government has repeatedly denied the extension.

Market impact

The GBP/USD pair has reversed the previous gains and trades flat around 1.2340 amid the Brexit talks anxiety and cautious market mood.