Merkel sends GBP for a ride
In Reykjavik, Merkel said that on the backstop, they must think about practical solutions. At first that sounded like she was opening the door to some renegotiation but she later clarified that it could be changed in the political declaration and that the withdrawal agreement wouldn't be reopened.
Cable ripped 80 pips higher to 1.2179 before falling back to 1.2124. It's still 30 pips above pre-Merkel levels.
