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LONDON: Sterling largely brushed off the British Prime Minister's announcement that it was time to prepare for a no-trade deal Brexit on Friday, as analysts said the majority of market participants still expect a deal will be reached.

Markets had been waiting for Boris Johnson to say whether the UK would quit trade talks after the Oct. 14-15 European Union leaders summit, a self-imposed deadline to leave the negotiating table if there was no agreement.

The pound dropped sharply when Johnson said that the UK should get ready for a no-deal outcome, losing as much as a cent or 0.8%, but rebounded as he stopped short of announcing that the UK would walk away from the talks.

By 1421 GMT, the pound was up 0.2% on the day at $1.2920, but set to end the week 1% lower. Versus the euro, it was broadly flat on the day at 90.78 pence.