When asked whether the UK will trigger Article 16, British Prime Minister Boris Johnson's spokesman said their aim remains to reach a consensual solution on to the Northern Ireland protocol, as reported by Reuters.

"We are continuing intensive talks with the EU," the spokesman added.

Market reaction

These comments don't seem to be having a significant impact on the British pound's performance against its major rivals. As of writing, the GBP/USD pair was trading at 1.3432, where it was up 0.15% on a daily basis.