Strong progress in the Brexit talks led to another upward push for the GBP. An Irish official said Ireland and the UK were very close to a border deal after the actual Brexit.
According to the report published by Reuters, "Brexit Border Deal" is about to be a reality within a few hours. As a result, the GBP/USD rose by more than 100 pips in less than an hour, and the British currency is currently trading with a 0.64% increase for the day.
In fact, this decision does not seem so big and significant, but investors are trading every step, albeit small, to the key negotiations to make the most important deal for Brexit, the Brexit Trade Deal.
What do we expect in the next few hours that the Border Deal is expected?
In announcing an agreement that clearly states that a physical limit will not be lifted, we expect a strong GBP growth, reaching levels of GBP 1,3550 for GBP/USD is quite possible. Such a solution will maintain good relations between the two areas even after Brexit, and will also show UK and EU aspirations to achieve the best possible trade agreement.
Source: Reuters
Jr Trader Petar Milanov
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