Brexit update: EP will not now ratify a trade deal in 2020

Sky News Europe Correspondent. Adam Parsons has tweeted that the Chair of UK Co-ordination group at the European Parliament has confirmed that they will not now ratify a trade deal in 2020.

This was a scenario explained in the following article:

Brexit update: EU and UK negotiating teams remain at loggerheads

Reuters has reported that a senior UK govt source said that Brexit talks are still difficult with significant still differences, but Brexit trade talks are set to continue Monday.

''UK continues to explore every route to a deal that is line with the UK's principles.''

Meanwhile, the United Kingdoms PM, Boris Johnson, will chair an emergency COBRA meeting later today.

GBP/USD implications

• The Chart of the Week: No gift from Santa this year for GBP/USD bulls

The price of cable is expected to open with a large gap to the downside as follows: