Brexit: EU reportedly preparing a long extension option with conditions

The German media outlet Die Welt is reporting that the EU 27 countries are preparing a plan for a long Brexit extension to the UK. The ideas may be presented as early as Tuesday in a meeting between German Chancellor Angela Merkel and UK PM Theresa May in Berlin. The leaders will meet at 11:00 GMT.

May is getting ready to offer the opposition Labour Party a new offer related to future relations with the EU. She is convening her ministers to finalize a written offer. 

GBP/USD is trading around 1.3050, steady on the day and looking for significant developments.

The UK leaves the EU on April 12th at 22:00 GMT unless an extension is granted. Such a delay must be approved unanimously by all 27 other members