According to ITV's political editor, Robert Peston, the United Kingdom and the European Union failed to make any progress with regards to finding a solution to the Irish backstop issue.

"Cutting through all the noise, it is crystal clear UK and EU are as far from agreement to replace backstop as ever," Peston tweeted out.

"Multiple sources tell me that Johnson’s “non-paper” proposals to keep an open border on the island of Ireland are seen in Brussels and EU capitals as an utter waste of time and that Johnson is as far away as ever from what the EU regards as a possible “landing zone”. There will be one last push, one last chance, after the Tory conference."

The GBP/USD pair continues to push lower on this development and was last down 0.38% on the day at 1.2476.