“He is concerned the (UK) Government will refuse to engage with proposals put forward by Brussels,” the UK Telegraph came out with the Brexit news quoting Maroš Šefčovič, Vice-President of the European Commission in charge of Interinstitutional Relations and Foresight.

The news also mentioned that Maros Sefcovic has urged Lord Frost to back down and reconsider the EU’s proposals.

“Brussels has warned the UK not to “embark on a path of confrontation”, amid tensions over Northern Ireland and post-Brexit fishing rights,” said the Telegraph.

Market reaction

With this news, GBP/USD bears get another reason, in addition to the firmer US dollar, to poke a fortnight low surrounding 1.3670.