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NewsBreak: Sterling Jumps on Report of Brexit Breakthrough 

Published 15/10/2019, 15:45
Updated 15/10/2019, 15:49
© Reuters.

Investing.com - The pound spiked on Tuesday after Bloomberg reported that the U.K. and European Union are close to agreeing on a legal draft of a Brexit deal.

The deal however is dependent on Prime Minister Boris Johnson getting support from the Northern Irish Democratic Unionist Party, which is uncertain. The two sides are racing to reach a deal before the Oct. 31 deadline, but remain optimistic that an agreement will be made by the end of Tuesday.

The Guardian reported that U.K. and EU negotiating teams had agreed to a deal in principle that could include a customs border down the Irish Sea, something which former Prime Minister Theresa May had ruled out.

GBP/USD soared 1.1% to 1.2738 as of 10:44 AM ET (14:44 GMT) while EUR/GBP tumbled 1.1% to 0.8658.

EUR/USD was flat at 1.1027.

Latest comments

too much of optimism for both Us-Sino and brexit deal might affect the market at last
I blame algorithms
You mean Donochio’s bedtime story got rumbled?
There's money to be made with all this volatility.
Are you a trader?
traders are insane, same as the sino-us trade deal, where the slightest positive news sends the markets up. I want real news, when Barnier says a deal has been agreed then I will get into the market. However it still needs get through the commons.
all see just Gimmicks. Sit back and enjoy the show..
I don't really remember the British public voting to remain inside dealing with the EU. leave and leave was the call.this is not democracythese are not ministers representative of the people.one large band of bandits, they picked up the country and are running off with it.you do not decide actually you'll just make a deal as to not upset your friends at BMW, you don't decide that actually it's not what we wanted at all because we wouldn't even like the traffic. none of the voters have distribution or logistics companies and they all just want the bigger wages at the end of it all.absolute shambles
yeah there is added salt because I was sell gbpusd but that's besiiiiides the point lol
If the situation changes then I too will go and buy the dollar but it makes sense to me to follow the news as it arises not follow ones opinion on Brexit.
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