Breaking: GBP/USD soars above 1.25 amid Brexit optimism, after Barnier-Barclay meeting concludes

Yohay Elam FXStreet

GBP/USD has extended its gains, topping 1.25, and extending its rise. It has reached a peak of 1.2543 at the time of writing, already up some 340 pips from Thursday's lows.

Resistance awaits at the September high of 1.2580. Next up, 1.2650 and 1.27 await cable. Support awaits at 1.2480 and 1.2415.

Chief EU Negotiator Michel Barnier and UK Brexit Secretary Stephen Barclay have concluded their meeting. Barnier is now set to brief EU diplomats. Earlier, European Council President Donald Tusk said that UK Prime Minister Boris Johnson's offers are promising and that today is the deadline to reach a deal. Tusk warned that if there is no proposal by today, there is no chance to reach a deal by the summit.

Ireland's finance minister Paschal Donohoe expressed hope, saying "What happened yesterday was a positive discussion but the real detail discussion will begin now and that will be in Brussels."

Optimism currently prevails and GBP/USD is sensitive to all Brexit headlines.

Here is the four-hour Brexit chart:

GBPUSD technical analysis October 11 2019

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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