UK's Foreign Secretary Raab: Irish border backstop in its current form will have to be removed

•  Irish border backstop in its current form will have to be removed, according to Raab.
• If not, EU will be taking the responsibility to see the UK leave on no-deal terms.

UK's Foreign Secretary Raab has said that the Prime Minister has been very clear that the UK will leave the EU at the end of October.

Comments:

• The government would prefer leaving with a deal, but if the EU doesn't move or show flexibility, we will leave on WTO terms
• If the EU position is that withdrawal agreement can't be changed via add-ons or subtractions, they will be taking the responsibility to see the UK leave on no-deal terms.
• Irish border backstop in its current form is undemocratic and will have to be removed.
• The biggest risk to the unity of UK would be to holding the second referendum.

FX implications:

Some hard-line talk from Raab here, complimenting UK PM Boris Johnson says parliament should honour the Brexit vote and leave the EU on Oct. 31st, which waters the bed of a hard-Brexit and should keep GBP under pressure. 

• GBP/USD technical analysis: Intraday rollercoaster settles near the 1.2135 level