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Brexit Latest: GBP/USD Surges as Brexit Deal is Done

Brexit Latest: GBP/USD Surges as Brexit Deal is Done

2019-10-17 09:36:00
Justin McQueen, Analyst
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GBP/USD Analysis and Talking Points

  • GBP/USD Rallies to Fresh Highs After EU Official States that Brexit Deal is Done
  • Proceed with Caution as DUP Baulks at Deal

GBP/USD Rallies on New Brexit Deal

GBP/USD has surged to fresh highs of the day on reports that the UK and EU have managed to agree a new Brexit deal ahead of the EU summit. European Commission President Juncker said that this new deal is a fair and balanced agreement for both the EU and UK. Consequently, the focus is now on Saturday in which MPs will be voting on whether they back the new deal or not.

Proceed with Caution as DUP Baulks at Deal

In response to the news that the UK and EU have agreed a new deal, the DUP has slightly poured cold water on this optimism as they reiterated that they do not back the deal as it stands. The support of the DUP is crucial for getting the new deal passed through parliament as their support would also likely see the ERG on board, thus increasing the likelihood that Boris Johnson could get a majority.

GBP/USD Price Chart: 1-minute Timeframe (Intraday)

Brexit Latest: GBP/USD Surges as Brexit Deal is Done

--- 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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