Reuters reported on how Britain will be ready to quit its transitional arrangements with the European Union “on Australia terms” if no deal on their future relationship is reached,. The article explained that Prime Minister Boris Johnson told this to his Polish counterpart Mateusz Morawiecki on Saturday. Key points Britain left the bloc on Jan. 31. A transition period, during which Britain remains in the European single market and customs union, expires on Dec. 31 and pressure is mounting to agree a free trade deal before then. With the two sides still far apart, a round of ‘intensified negotiations’ is due to start next week. “He (Johnson) said the UK would negotiate constructively but equally would be ready to leave the transition period on Australia terms if agreement could not be reached,” Johnson’s Downing Street office said in a statement. Australia does not have a comprehensive trade agreement with the EU. Much of EU-Australia trade follows default World Trade Organisation rules, though specific agreements are in place for certain goods. Market implications The “intensified negotiations” will be a weight on GBP. GBP/USD Forecast: Brexit tensions to keep the Pound pressured FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD sellers attack 0.6850 as risk-off mood remains unabated FX Street 2 years Reuters reported on how Britain will be ready to quit its transitional arrangements with the European Union “on Australia terms” if no deal on their future relationship is reached,. The article explained that Prime Minister Boris Johnson told this to his Polish counterpart Mateusz Morawiecki on Saturday. Key points Britain left the bloc on Jan. 31. A transition period, during which Britain remains in the European single market and customs union, expires on Dec. 31 and pressure is mounting to agree a free trade deal before then. With the two sides still far apart, a round of 'intensified negotiations' is due… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.