Breaking News: GBP/USD leaps on reports UK to plan compromise on Irish border
|The United Kingdom is said to plan a compromise on the Irish border issue to get a Brexit deal. Britain will reportedly accept some checks in the Irish sea to achieve an agreement. It could provide the necessary breakthrough, or at least a significant step further towards an accord ahead of the EU Summit later this month.
The new stance, if confirmed, is a departure from the previous position that stressed that Northern Ireland could not have different rules than the rest of the UK.
The GBP/USD jumped from around 1.315 to a high of 1.3115 before calming down. Resistance is seen at 1.3195 followed by 1.3220. 1.3100 remains a battle line. Support is at 1.3055 and the round level of 1.3000.
Here is how the leap looks on the four-hour graph. Click on the image to see a live chart:
The news comes amid the Conservative Party Conference. Prime Minister Theresa May is fighting for her political survival as pro-Brexit members want a tougher stance in the negotiations with the European Union. Her former Foreign minister Boris Johnson sharply criticized her Brexit deal. An offer to have separate rules for NI and the rest of the UK could cause a crisis with the Northern Irish DUP party on which the government depends.
The issue of Northern Ireland and the Customs Union has long been a sticking point in the negotiations ahead of Brexit date: March 29th, 2019.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.