Pound Strengthens Against the US Dollar as it Waits for Confirmation on Brexit Deal
The pound continues to gain against the US dollar as hopes rise that Britain and the UK will be able to work out a deal on Brexit soon. At the time of writing, GBP/USD is trading around 1.275.
On Tuesday, GBP/USD soared to a five-month high on EU chief negotiator Michael Barnier’s comments expressing the possibility of a Brexit deal within this week. Although it has pulled slightly lower since then on account of profit booking ahead of the upcoming EU summit, it is still trading bullish as markets wait for the outcome of the last-minute discussions between officials from Britain and the EU.
So far, PM Boris Johnson has reportedly offered major concession to EU’s demands on the issue of the Irish border, boosting expectations that a deal could be announced soon. To add to the optimism, Leader of the House of Commons Jacob Rees-Mogg confirmed that Johnson will get enoguh votes to pass his Brexit deal through the Parliament, unlike his predecessor Theresa May who struggled and failed thrice.
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