EU's Barnier: UK still looking to keep benefits of EU without obligations

The British government is still looking to keep the benefits of the European Union (EU) without the obligations, EU's chief Brexit negotiator Michel Barnier said on Wednesday, per Reuters.

"The UK has started to make progress on the Northern Irelan protocol but important questions remain open," Barnier added. "We continue to think that despite difficulties, the British Prime Minister wants a deal. The EU has shown flexibility to work with the UK's red lines, it's time for the UK to reciprocate."

Market reaction

The GBP/USD pair continued to edge lower after these comments and was last seen losing 0.32% on the day at 1.3340.