Breaking: GBP/USD breaks above 1.30 as DUP rejects customs union amendment to the Brexit deal
GBP/USD has topped 1.30 and is trading at the highest levels since mid-May – a five-month high. The pound has extended its gains as the chances for parliament to approve the Brexit deal have improved.
The latest development has come from the Northern Irish Democratic Unionist Party. The small party has stated it will object an amendment to add a customs union to the agreement. Forcing such a change would practically void the accord. Jim Shannon told Sky News the party would not support such an amendment.
While the DUP is vehemently opposed to having a customs border at the Irish Sea, they are more concerned about the change in the consent mechanism. Prime Minister Boris Johnson's Brexit deal strips NI unionists from their veto on changes in the province.
The next targets are 1.3045, 1.3080, and 1.3135. Support awaits at 1.2985 and 1.2900.
More GBP/USD Forecast: Seeing the uptrend through the Brexit chaos, rally looks likely
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GBP/USD has been rising in a sharp uptrend since October 10, when Johnson and his Irish counterpart Leo Varadkar reached a breakthrough. Cable now completes a surge of over 800 pips in 11 days.
For more detail, see Three positive Brexit developments
Author
Yohay Elam
FXStreet
Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.
