GBP/USD sees 100 pip spike on UK PM’s “last ditch” push for a Brexit deal


  • GBP/USD moves sharply higher to the upper 1.3400s on reports that the UK has made a new offer to the EU on fish.
  • Market commentators speculate that the UK’s offer might hit a sweet spot that all sides can “live with”.

Reports from Bloomberg that the UK PM Boris Johnson is making a final “last-ditch” push for a Brexit with a new compromise on the issue of fisheries has spurred significant GBP upside in recent trade. GBP/USD spiked as high as 1.3496 from below 1.3400 prior to the news breaking. The pair still trades lower by around 0.4% or 60 pips on the day, however, as markets wait to see how the Europeans respond to this offer.

Brexit Update: 11th-hour deal?

At around 19:30GMT, Bloomberg reported that the EU is considering a new offer on fishing rights from the UK as PM Johnson reportedly looks to secure an “11th-hour” trade deal with the bloc. Under the new UK offer, EU would reduce the value of fish caught in UK waters by 35% over a five-year transition period, a big drop from demands last week that the EU reduce the value of their catch by 60%.

The report noted that the European Commission, which is conducting trade negotiations with the UK, is currently in liaisons with national governments regarding the new offer, particularly those with large fishing industries such as France, Demark and Spain. Over the weekend, the EU told British negotiators that is final offer was a 25% reduction in catch value after the bloc initially suggested 18%.

An offer of a 35% reduction for five years from the UK is likely to be highly tempting to many within the EU. Indeed, Politico’s Raoul Ruparel speculated in a widely circulated article earlier in the day that this exact offer could be a landing zone for a deal on fisheries that both sides could “live with”.

If the EU does accept the UK’s offer, does this mean there is a deal? Not quite, gaps reportedly still remain on many other issues, but significant progress was made at the start of last week on the issue of level playing field, prior to negotiations getting stuck on fisheries.

Whichever way you look at it, if the EU and UK can agree in principle on the issue of fish, one of the toughest road-blocks so far, there is nothing to say a deal cannot be reached. Reports earlier in the day suggested that the UK Parliament is primed to get a deal into law in record time if one is agreed by 30 December. Meanwhile, EU national leaders will be able to bypass the European Parliament initially in ratifying a deal (the European Parliament would confirm the ratification of the deal at a later date).

GBP/USd

Overview
Today last price 1.346
Today Daily Change -0.0034
Today Daily Change % -0.25
Today daily open 1.3494
 
Trends
Daily SMA20 1.3386
Daily SMA50 1.3202
Daily SMA100 1.3116
Daily SMA200 1.277
 
Levels
Previous Daily High 1.3592
Previous Daily Low 1.3472
Previous Weekly High 1.3625
Previous Weekly Low 1.3225
Previous Monthly High 1.3398
Previous Monthly Low 1.2854
Daily Fibonacci 38.2% 1.3518
Daily Fibonacci 61.8% 1.3546
Daily Pivot Point S1 1.3447
Daily Pivot Point S2 1.3399
Daily Pivot Point S3 1.3326
Daily Pivot Point R1 1.3567
Daily Pivot Point R2 1.364
Daily Pivot Point R3 1.3688

 

 

Share: Feed news

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended content

Editors’ Picks

Gold gives away some gains, slips back to $2,980

Gold gives away some gains, slips back to $2,980

Gold retraced from its earlier all-time highs above the key $3,000 mark on Friday, finding a footing around $2,980 per troy ounce. Profit-taking, rising US yields, and a shift to a risk-on environment seem to be putting the brakes on further gains for the metal.

Gold News
EUR/USD remains firm and near the 1.0900 barrier

EUR/USD remains firm and near the 1.0900 barrier

EUR/USD is finding its footing and trading comfortably in positive territory as the week wraps up, shaking off two consecutive daily pullbacks and setting its sights back on the pivotal 1.0900 mark—and beyond.

EUR/USD News
GBP/USD remains depressed, treads water in the low-1.2900s

GBP/USD remains depressed, treads water in the low-1.2900s

GBP/USD is holding steady in consolidation territory after Friday’s opening bell on Wall Street, hovering in the low-1.2900 range. This resilience comes despite disappointing UK data and persistent selling pressure on the USD.

GBP/USD News
Crypto Today: BNB, OKB, BGB tokens rally as BTC, Shiba Inu and Chainlink lead market rebound

Crypto Today: BNB, OKB, BGB tokens rally as BTC, Shiba Inu and Chainlink lead market rebound

Cryptocurrencies sector rose by 0.13% in early European trading on Friday, adding $352 million in aggregate valuation. With BNB, OKB and BGB attracting demand amid intense market volatility, the exchange-based native tokens sector added $1.9 billion.

Read more
Week ahead – Central banks in focus amid trade war turmoil

Week ahead – Central banks in focus amid trade war turmoil

Fed decides on policy amid recession fears. Yen traders lock gaze on BoJ for hike signals. SNB seen cutting interest rates by another 25bps. BoE to stand pat after February’s dovish cut.

Read more
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

Forex MAJORS

Cryptocurrencies

Signatures

Best Brokers of 2025