Breaking News: GBP/USD leaps 100 pips as Barnier offers special Brexit deal
|Chief European Union negotiator Michel Barnier said that the EU is prepared to offer a partnership like no other third country.
The EU's Barnier, speaking in Berlin, says the single market means the single market and that this is not negotiable. Barnier has been a tough negotiator so far and his change of stance shows a willingness from the EU to cut a deal in the interests of the bloc. Earlier in the day, Barnier's counterpart, UK Brexit Secretary Dominic Raab said that a deal is "within our sights". Barnier's words carry far more weight.
The talks continue as both sides attempt to strike an accord ahead of the EU Summit on October 18th. Reports earlier in the day suggested that the deadline will be pushed back to November. The optimism breaks long months of gridlocked talks and growing preparations for a no-deal Brexit that would inflict economic damage on the UK and to a lesser extent on the EU.
The GBP/USD is trading close to 1.3000, up over 100 pips from the pre-announcement levels. The high so far has been 1.2982. The round number of 1.3000 serves as resistance and is followed by 1.3045. Support is at 1.2935, yesterday's high, followed by 1.2845, the day's low.
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