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The UK’s chief Brexit negotiator David Frost said on Thursday that he was hoping that they could make some constructive progress at the next round of Brexit talks with the EU.

“We are quite away from a broad outline of an agreement,” Frost added. “We will at some point need to tell businesses what they have to be ready for at year-end.”

Regarding a possible extension, Frost said that they will not agree to it even if the EU asks for it. 

Market reaction

The GBP/USD pair retreated slightly from session highs on these comments and was last seen gaining 0.3% on the day at 1.2285.