GBP/USD touches a low of 1.3375 on the day
Looks like May has folded, and there will be an end date put into the Brexit backstop plan which is to be published later. It is said the plan now will include "more detail on the time limited nature" of said proposal.
That said, it doesn't seem like Davis will resign (today or eventually) over the matter then. He's been saying that without an end date, it'll make his job impossible as it could possibly tie the UK to the EU "indefinitely".
The push for a "harder" Brexit here isn't something too welcome by the market and sterling is falling as a result. Cable now tests the 100-hour MA (red line) and has bounced a little higher but this throws up more uncertainty into the air.
There's still the vote at the House of Commons to come on 12 June, before the EU summit at the end of the month on 28-29 June.
It's looking more likely now that talks ahead and during the meeting with the EU is going to go nowhere and the can will be kicked down the road again.
