⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

EU’S Barnier Confirms No-Deal Brexit, As of Now

Posted Thursday, July 23, 2020 by
Skerdian Meta • 1 min read

A while ago we posted a forex piece, updating about the bearish situation building up for the GBP, as the Bank of England wan’t feeling particularly hawkish about the UK economy, as the country reopens. The UK chief Brxit negotiator Frost wasn’t offering anything either, regarding the UK-EU trade deal, even as the deadline approaches. Now, the EU chief Brexit negotiator Michel Barnier is confirming that there is no light at the end of the tunnel just yet. Below are his comments, which should keep the GBP bearish:

EU chief Brexit negotiator Barnier

We are still far away in negotiations with the UK
There was no progress on level playing field, fisheries
The past few weeks, UK has not shown readiness to find solutions
We are still far away from a deal with the UK
There is objective risk of a no-deal Brexit outcome
We are willing to negotiate to the last moment
Neither UK nor EU has considered abandoning talks

That basically sums up the situation. Both sides are still not budging as they would much rather maintain their red lines until crunch time later in the year. Even then, we may not necessarily see any form of compromise whatsoever.