Germany denies report Merkel would accept backstop time limit

According to the latest headlines floating on the wires, Germany has denied a news saying that Merkel is willing to put a five-year time limit on Irish backstop. The clarification prompted some fresh selling around the British Pound, with the GBP/USD pair quickly reversing around 40-pips from an intraday high level of 1.3121 touched in the last hour.