UK PM Johnson's spokesman: Most likely outcome is leaving on Australia terms

British Prime Minister Boris Johnson's spokesman said on Wednesday that they have made some progress in some areas in negotiations with the European Union but repeated that there are still gaps, as reported by Reuters.

"Our position is still that we want to reach an FTA (free trade agreement) but it is still the case that the most likely outcome is still leaving on Australia terms," the spokesman added.

Market reaction

The GBP/USD pair showed no immediate reaction to these remarks and was last seen gaining 0.47% on a daily basis at 1.3525.