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In a joint statement with European Commission President Ursula von der Leyen, British Prime Minister Boris Johnson noted that sides agreed that the conditions for finalising an agreement are not there.

The statement further reiterated that level playing field, governance and fisheries are the three main areas where significant differences remain. Negotiating teams are expected to meet in Brussels in the coming days to discuss those issues.

Market reaction

The GBP/USD pair edged slightly higher on this statement and was last seen losing 0.67% on the day at 1.3347.