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UK’s Conservative party Chairman Cleverly is on the wires now, via Reuters, noting that “whether we leave with or without a deal is largely in the hands of European Union (EU) negotiators”.

Additional Comments:

The EU needs to show a degree of flexibility.

If we can overcome the backstop problem, we can leave the EU with a deal.

The GBP/USD pair extends the downside, now testing session lows just ahead of the 1.21 handle, as markets are aware that the EU is unlikely to renegotiate a Brexit deal with the UK.