European Parliament President David Maria Sassoli on Wednesday reiterated that the United Kingdom's proposal on backstop alternatives was no basis for a Brexit agreement.

"There are two alternatives to Brexit deal now – extension or no-deal," Sassoli added. "European Parliament is open to the possibility of an extension if there are specific, objective reasons for it. Requesting an extension is prerogative of the UK."

The fact that Sassoli delivered the same remarks on Tuesday allowed investors to ignore these comments. As of writing, the GBP/USD pair was virtually unchanged on a daily basis at 1.2220.