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“We have seen some progress on the trade deal but there is still a lot of distance to be covered,” a senior EU official told Reuters on Wednesday.

Earlier in the day, Bloomberg reported that the UK was likely to continue negotiations even if they fail to reach an agreement by the October 15 deadline.

Market reaction

The GBP/USD pair edged modestly higher with the initial reaction to this headline and was last seen gaining 0.32% on a daily basis at 1.2975. Meanwhile, the UK’s FTSE 100 Index is losing 0.25% at 5,955.