EU’s Barnier: rejects Irish backstop proposal applying to whole UK, GBP/USD tumbles

European Commission Chief Negotiator, Michel Barnier, during a press conference following this week's round of negotiations with the UK, said that the EU is ready to step up Brexit talks and the time has come for choices and decision in negotiations.

Additional quotes:

   •  Cannot extend backstop to whole UK.
   •  Solution on Irish border needed by autumn.
   •  UK paper raises more auestions than answers.

Barnier's comments prompted some fresh selling around the British Pound, with the GBP/USD pair tumbling to fresh session low near mid-1.3300s.