Breaking: GBP/USD extends rally toward 1.24 amid reports of major UK concessions on Brexit

GBP/USD is trading above closer to 1.24, up some 180 pips today. The rally follows a long meeting between UK Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar. According to some members of the press, Johnson has given ground, opening the door to a Brexit accord.

Pat Leahy, the political editor of the Irish Times, tweeted::

"So am hearing that there has been very significant movement from the British side on the customs issue in the Johnson-Varadkar talks," 

Other reporters are saying that Unionists are expressing concerns about what the UK PM has agreed to. 

Reports about major British concessions on Brexit have followed a cautiously-written statement released by both sides, saying there is a pathway to a Brexit deal, and announcing new EU-UK talks on Friday. 

The Relative Strength Index on the four-hour GBP/USD is still below 70 – outside overbought conditions – and allowing for more gains. 

GBP USD rallying on reports about major UK Brexit concessions

The Irish PM is set to meet the press shortly and may shed more light on his three-hour encounter with Johnson.

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