EU's Barnier: Door still open to transition period extension

"We cannot go on like this forever," EU's Brexit negotiator Michel Barnier told a news conference on Friday after noting that they have failed to make progress in the fourth round of Brexit talks. "The door is still open to a transition period extension."

Additional takeaways

"New UK deal must be sealed by October 31 at the latest."

"Talks need a new boost, concentrated effort on most difficult matters."

"Hoping to have in-person UK talks by the end of June again."

"British counterparts distance themselves from the political declaration agreed with UK withdrawal deal."

"We are today very far from objectives set out in the political declaration."

Market reaction

The GBP/USD pair stays relatively resilient despite these comments and was last seen trading at 1.2932, gaining 0.3% on the day at.