EU mulling option of putting time-limit on Irish backstop

According to Bloomberg, the European Union is ready to consider a time limit on the Irish backstop in order to reach a Brexit deal with the United Kingdom.

The British pound reacted strongly to this report and the GBP/USD pair spiked to a daily high of 1.2341 before retreating slightly. As of writing, the pair was virtually unchanged on the day at 1.2288.

Similarly, the EUR/GBP pair erased a large portion of its daily gains and slumped to 0.8863 following this headline. At the moment, the pair is up 0.3% on the day at 0.8890.