2. Set up of Chris Beauchamp, IG Chief Market Analyst
3. Screen showing the pound against sterling on Friday
4. Screen showing the pound against sterling today
5. SOUNDBITE (English) Chris Beauchamp, IG Chief Market Analyst:
"We've seen it move slightly lower so far this morning. I think perhaps some of the euphoria from last week has been reduced. I think it's fair to say that a weekend of little progress and a lot of counter- briefing from both sides has certainly weighed on the currency and it should continue to do so as the week goes on. I think expectations were so low last week that any sign of progress or the very fact that the talks didn't break down in acrimony really caused that big bounce to the pound, but as reality sets in there's a realisation that there is much more to be done to make even the slimmest of progress towards a deal."
6. Various of screen showing the pound against the dollar last week
7. SOUNDBITE (English) Chris Beauchamp, IG Chief Market Analyst:
"So from here you've got the European Council meeting towards the end of the week, and Boris Johnson will go to that to try and make further progress. We'll see what negotiations are up for the rest of the week. The problem with the deal at it stands is the moment the EU starts to attach a backstop to it - the Northern Ireland backstop or even the entire UK one - it's likely to be shot down in parliament. So I think while it might make some progress in Europe, I think the parliamentary arithmetic isn't behind the deal and we'll find out later in the week whether that becomes clearer, certainly, and if he comes back on Friday with some sort of deal then Saturday's session, the first Saturday session since the early 80s for parliament, will perhaps provide a bit more clarity on if any support does exist for this deal."
8. Screen showing the pound against the dollar on Monday
9. SOUNDBITE (English) Chris Beauchamp, IG Chief Market Analyst:
"Well I suppose it leaves us where we've always been for the past few weeks which is there won't be a no-deal, there will be an extension, and the government - or someone in the government, maybe not the Prime Minister - will have to request that extension. That throws up the possibility of going for an election in November, maybe early December, if he can persuade everyone in parliament to vote for it. That seems to be the likely outcome, at least at this point in time. Of course the EU says it will grant the extension, we don't know for how long probably for 3 months and the risk is of course we do this all again in probably three months time with no real progress on either side."