EU: Progress on key issues not sufficient for an agreement to be reached

In a statement published on Thursday, the European Council noted that the progress on key issues of interest to the European Union was still not sufficient for an agreement to be reached with the UK.

"The European Council invites the Union's chief negotiator to continue negotiations in the coming week and calls on the UK to make necessary moves to make an agreement possible," the statement further read. "As regards the Internal Market Bill tabled by the UK government, the European Council recalls that the Withdrawal Agreement and its Protocols must be fully and timely implemented."

Market reaction

The GBP/USD pair showed no immediate reaction to this statement and was last seen losing 0.67% on a daily basis at 1.2925.