Germany's Merkel: Need to find solution to backstop problem before Brexit date

Commenting on the Irish border backstop problem, "We need to make an effort to find a solution to the backstop problem before the Brexit date," German Chancellor Angela Merkel told reporters ahead of her meeting with British Prime Minister Boris Johnson in Berlin. "The moment we have a solution for the Irish border problem then we won't need the backstop."

Merkel further added that the first step is to hear Britain's view on the Irish border while repeating that the EU's task is to protect the integrity of the single market. 

The GBP/USD pair is now trading at 1.2146, down 0.18% on the day.