UK's Gove: Increasingly well-prepared for Australian-style exit, GBP/USD retreats

Michael Gove, a senior UK minister, has said that the UK is increasingly well-prepared for an Australan-style exit from the EU, meaning no deal. Gove's official title is the Chancellor of the Duchy of Lancaster, and he is one of the leading ministers on Brexit. 

Gove is speaking in parliament while Chief EU Negotiator Michel Barnier and his British counterpart David Frost are holding a phone call to discuss future relations. 

GBP/USD has retreated from the daily highs and struggles just below 1.30.