A UK official is quoted as saying that getting a Brexit deal by next week is unlikely. The UK is a long way from getting what it wants on the Irish backstop. Earlier, a spokesman said that both sides are making progress but there is a lot more hard work to do. The UK wants to change the legal text while the EU is only willing to change the non-binding declarations.
Time is running out until Brexit Day, March 29th, 2019. At the moment, the UK has not asked for an extension of Article 50.
GBP/USD tumbled down from a high of 1.3070 to 1.3030.
UK PM Theresa May will deliver a statement on Brexit on February 26th and a vote is scheduled for February 27th. Defections from both parties have made the political situation more chaotic.
GBP/USD has support at the round number of 1.3000, followed by 1.2920. Resistance is at 1.3080.