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Several news outlets have recently reported that the European Union’s Brexit offer has been already rejected by the UK. With the initial market reaction to this headline, the GBP/USD pair is testing the 1.30 mark, losing more than 80 pips on the day.

On a similar note, “Offer promises legal beef up of existing promises, but suggestion of GB exit from backstop leaving NI in has already been rejected by UK so not really a concession,” BBC’s Laura Kuenssberg tweeted out.