Breaking: Merkel: Can find a backstop solution by October 31, GBP/USD jumps to 3-week highs above 1.22

Eren Sengezer FXStreet

While speaking at a news conference in Hague, German Chancellor Angela Merkel said that they can work on finding a regime that keeps the Good Friday agreement and also ensures the integrity of the EU's single market. "We can also find a backstop solution by October 31," Merkel added.

The British pound gathered strength on these remarks and the GBP/USD pair spiked to a three-week high of 1.2241. As of writing, the pair was up 0.9% on the day at 1.2235 and the EUR/GBP was at its lowest level since July 27 at 0.9058, erasing 0.88% on a daily basis.

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Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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