European diplomats began hashing out what they want from the next stage of Brexit talks this week, seeking a united stance they can present to the U.K. The envoys will start to discuss the ideal length of the transition phase, its scope, and whether the bloc would impose the EU’s “four freedoms,” including free movement of people. For now, cable has been relatively stable, but as Bloomberg’s Mark Cudmore warns, the pound’s resilience to negative news may not last much longer.