British Prime Minister Boris Johnson said on Wednesday that conditions had been met to invoke Article 16 unless they see rapid progress on the Northern Ireland protocol, as reported by Reuters.

Market reaction

These remarks don't seem to be having a noticeable impact on market sentiment. As of writing, the UK's FTSE 100 Index was posting small daily losses at 7,272.

In the meantime, the British pound is having a difficult time finding demand on Wednesday. Currently, the GBP/USD pair is down 0.3% on a daily basis at 1.3725.