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Despite the fact that the European Union launched legal proceedings against the UK’s Internal Market Bill, officials in the UK are “increasingly optimistic” about finalizing a trade deal, Financial Times Whitehall correspondent Sebastian Payne tweeted out on Thursday.

“Officials with knowledge of the talks say a landing zone on state aid has been identified but fishing is the last sticking point,” Payne further added.

Market reaction

With the initial reaction to this headline, the GBP/USD pair rose sharply and was last seen posting small daily gains at 1.2920.