UK PM Johnson: Referendum result must be respected

British Prime Minister Boris Johnson reiterated that they must respect the outcome of the Brexit referendum.

"The referendum result must be respected. We will leave the EU on 31st October," Johnson tweeted out.

Earlier today, the EU voiced its commitment to keep the Irish backstop. The backstop is an insurance to avoid a hard border on the island of Ireland unless and until an alternative is found," European Council President Donald Tusk tweeted out. On the other hand, the UK side is not changing its position and threatening to crash out of the EU if they insist on not reopening the Withdrawal Agreement to negotiations. 

Meanwhile, the GBP/USD pair is down 0.2% on the day at 1.21 as the British pound struggles to find demand amid the Brexit deadlock.