© Reuters.

By Yasin Ebrahim

Investing.com – The pound slumped on Thursday after the U.K. Prime Minister Boris Johnson said there was a “strong possibility” of a no-deal Brexit.

fell 0.81% to $1.3287.

Johnson urged businesses to prepare for a no-deal Brexit outcome, conceding that both sides remain far apart on resolving their differences.

Significant differences remain on three critical issues: level playing field, governance, and fisheries.

The stark warning comes a day after the prime minister traveled to Brussels to rescue negotiations with the EU last night. But little progress was made as both sides extended the deadline to reach a consensus to Sunday.

Talks will, however, and the prime minister said negotiators would go “the extra mile” in a bid to prevent a no-deal Brexit.

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