Early on Wednesday, the Pound continues to trade near six-week highs against the US dollar even as the Brexit row remains ongoing with no resolution in sight. At the time of writing, GBP/USD is trading at around 1.248.

According to sources in the UK government, the Irish backstop finds no mention in the most recently proposed version of a withdrawal agreement shared by PM Boris Johnson with the EU. Johnson looks all set to wait till the very last moment to share his proposal with Brussels in writing, for fear of rejection and another possible delay in Brexit.

Meanwhile, opposition leader Jeremy Corbyn has given into mounting pressure from pro-Remain MPs and activists, and has announced his intention to hold a second referendum if he gets voted to power. Corbyn hints that he would not campaign in the event of a second referendum on a Brexit deal from the Labour party and would honor the wishes of UK’s public instead.

Following the Luxembourg meeting, Johnson maintains that he is still working on a deal and remains hopeful that he could make some progress in the upcoming UN General Assembly summit coming up next week.