The confusing development of the Brexit trade negotiations once again put investors in a precautionary position in positioning the pound sterling at the start of trading earlier in the week.
On Sunday, The Guardian reported that a major breakthrough had been made in Brexit negotiations over European rights to fish in UK waters.
According to sources from the European Union (EU), both parties are said to have all the conditions except for the level of access of EU ships to the sea in the exclusive economic zone of 200 miles in the UK with a transition period for gradual change between five to seven years
However, the opposite has been reported by the British government which says the two sides have not yet reached an agreement on fisheries issues, unlike Brussels.
Not only that, but no new developments have been reached during the talks on Sunday and the issue of fair competition remains a major obstacle to an agreement between the UK and the EU.
This reinforces the claims of EU Commission President Ursula von der Leyen, who spoke to Prime Minister Boris Johnson on Saturday, stating that differences still exist between the two parties.
UK and EU consulting officials are said to be resuming their talks today.
This contradictory report has clearly raised doubts among investors, making the pound sterling traded under pressure.
