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.
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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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