GBP Climbs Nearly 600 Pips as Brexit Rumours Keep Coming

Posted Friday, October 11, 2019 by
Skerdian Meta • 1 min read

The wind seems to have shifted for the GBP. The Brexit deal looked dead until a few days ago, especially after the concession from the EU was rejected earlier this week. But, the joint statement between Boris Johnson and the Irish PM Varadkar yesterday improved the sentiment and now markets are feeling confident that a deal will be reached. Here are some of the recent comments on this issue:

Irish prime minister, Leo Varadkar

  • I anticipate the UK to make more detailed proposals
  • The less said, the better (when asked on Brexit talks)
  • It is possible that talks may now enter the tunnel

European Commission

  • Meeting between Barnier and Barclay was constructive
  • Barnier and Barclay exchanged Brexit ideas, angles

EU chief Brexit secretary, Michel Barnier

  • We need vigilance, determination
  • We need to keep calm
  • Had a constructive meeting with Stephen Barclay
  • Brexit is like climbing a mountain

I mean, the Brexit deal is not on until it is finalized, but comments from all sides are positive, especially compared to what we have heard in the last three years since the Brexit vote. GBP/USD keeps trading above 1.26, which is the highest since early July.

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