UK's Cleverly: We leave with or without a Brexit deal is in the hands of EU, Cable tests lows

UK's Conservative party Chairman Cleverly is on the wires now, via Reuters, noting that “whether we leave with or without a deal is largely in the hands of European Union (EU) negotiators”.

Additional Comments:

The EU needs to show a degree of flexibility.

If we can overcome the backstop problem, we can leave the EU with a deal.

The GBP/USD pair extends the downside, now testing session lows just ahead of the 1.21 handle, as markets are aware that the EU is unlikely to renegotiate a Brexit deal with the UK.