GBP fell against most of its major counterparts in the European session on Wednesday as reports that the EU and the UK are likely to continue discussions of their post-Brexit trade relations past the mid-November deadline somewhat clouded optimism that a potential vaccine against COVID-19 would bolster the UK's economy, which was hit hard by the virus.

Reuters reported, citing sources familiar with the matter, that ongoing talks in London are expected to run until the end of the week but the EU diplomats do not expect updates this week with Brexit tentatively being on the agenda for the 18 November meeting between the ambassadors of the 27 EU member states. The EU sources also told Reuters that they now expected negotiators to come up with an agreed text in the middle of next week, unless talks collapse or there is a breakthrough earlier. One EU diplomat added that the real deadline is "late next week". Uncertainty around the UK’s future trading relations with the EU weighs on the pound.