Breaking News: GBP/USD leaps on reports the UK, Germany, drop critical Brexit demands
|Bloomberg is reporting that both the UK and Germany decided to abandon some crucial demands over Brexit in order to facilitate an agreement. They seek to less detail on post-Brexit ties according to people familiar with the details. The significant shift in positions could make an agreement easier to achieve.
Both sides have agreed on a more vague statement regarding the distant future. Instead, the talks will focus on the immediate term: an orderly transition deal. Agreeing on a future trade relationship will be pushed back to the more distant future.
The GBP/USD is trading significantly above 1.2900, up some 100 pips from the pre-news levels. The 1.3000 level looms above. .Further resistance awaits at 1.3045. Support awaits at 1.2940, followed by 1.2835.
Chief EU Negotiator Michel Barnier visited Berlin last week and said that the EU is ready to offer the UK a "deal like no other country". However, in further comments, the veteran French politician rejected Britain's Chequers proposal and he sent the Pound back down.
There has been no official statement at the time of writing.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.