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Citing European Union (EU) officials familiar with the matter, Reuters reported that a “tentative and  technical” Brexit deal between the EU and the United Kingdom (UK) was largely ready in Brussels while adding that the agreement was still waiting for an “overall backing” of the government in London.

“The level playing field and customs are agreed. Consent by the Northern Irish assembly every four years,” an  EU official said, according to Reuters, and added: “VAT provisions are not done yet.”

The GBP/USD pair inched higher on these comments and was last seen trading at 1.2855, adding 0.55% on a daily basis.