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GBPUSD Surges as Breakthrough Signals Imminent Brexit Deal

GBPUSD Surges as Breakthrough Signals Imminent Brexit Deal

Justin McQueen, Analyst

GBP Analysis and Talking Points:

  • GBPUSD Surges as Brexit Deal Appears Imminent
  • Emergency Cabinet Meeting Scheduled for Wednesday Morning

See our quarterly GBP forecast to learn what will drive prices through mid-year!

GBPUSD Surges as Brexit Deal Appears Imminent

The Pound has spiked higher in reaction to reports suggesting that the EU and UK have agreed a text on how to avoid a hard border in Ireland, which will form part of the withdrawal agreement. As such, GBPUSD has reclaimed the 1.30 handle, hitting highs of 1.3044. While typically, the Pound has been faded with markets having a tendency to get ahead of themselves over Brexit optimism, these latest reports suggest that a more tangible outcome has been reached between the EU and UK with a flurry of headlines suggesting a Brexit breakthrough. However, details of the potential agreement have been light thus far.

Emergency Cabinet Meeting Scheduled for Wednesday Morning

With the EU and UK said to have agreed a text on the withdrawal agreement, Downing street has suggested that there will be an emergency cabinet meeting scheduled for tomorrow at 14:00GMT, in which Theresa May will be looking for the support from her cabinet before an EU/UK summit is announced. While this may signal the beginning of the end, there is still several hurdles facing PM May and most notably the meaningful vote, which may well take place in December. GBP volatility is here to stay.

Additional Brexit Analysis

GBPUSD PRICE CHART: 1-Minute Timeframe (Intraday)

GBPUSD Surges as Breakthrough Signals Imminent Brexit Deal

Chart by IG

TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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