Citing two people familiar with the matter, "Brexit negotiators for the U.K. and the EU have reached a deal on a future role for the European Court of Justice in British legal cases after Brexit," Bloomberg reported on Thursday. Following the report, the GBP gathered strength against its peers, lifting the GBP/USD pair above the 1.134 handle and pulling the EUR/GBP below the 0.88 mark.
Key quotes (via Bloomberg)
Solving the Irish border question is now the last hurdle in the way of trade talks starting.
The EU, however, argues that European citizens should still be able to rely on the ECJ to protect the rights they have accrued under EU law, after Brexit.
As a compromise, May is said to have offered the EU a role for the court in guaranteeing the rights of European citizens living in the U.K. once the country leaves the bloc.