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“There are significant differences in areas such as fishing, governance, criminal justice and the so-called level-playing field,” a spokesperson for the British government told reported following the first round of Brexit negotiations with the EU.

“These are going to be tough negotiations. In some areas there seems to be a degree of a common understanding of how to take the talks forward,” the spokesperson added. “Following detailed discussions, we now have a good idea where both parties are coming from.”

GBP/USD reaction

The GBP/USD pair erased a small portion of its daily gains and was last seen trading at 1.2907, adding 0.28% on a daily basis.