Cable drops on talk of 'catastrophic breakdown'
From Bloomberg:
"Brexit negotiations are heading for a catastrophic breakdown unless the European Union signals this week that it will allow talks to move on to trade, according to a person familiar with the U.K. government's position."
Cable dropped to a session low of 1.3247 from 1.3295 just below the headlines.
The story says that without any clear signs the EU is willing to negotiate, UK leaders are losing faith in the EU's willingness to strike a deal.
Theresa May wants something in return for promising to pay into the EU budget and settle the bill but hasn't yet gotten it.
The report says May will speak with Juncker and Barnier today ahead of a summit in Brussels Thursday.
