Breaking: GBP/USD soars above 1.29 as Brexit deal reached, but without DUP support

Yohay Elam FXStreet

Reporters in Brussels say that a Brexit deal has been agreed upon. One reporter announces "white smoke," and another says that Chief EU Negotiator Michel Barnier has briefed reporters and said that an agreement had been reached.

Prime Minister Borish Johnson tweeted:

We’ve got a great new deal that takes back control — now Parliament should get Brexit done on Saturday

European Commission President Jean-Claude Juncker praised the deal:

Where there is a will, there is a #deal - we have one! It’s a fair and balanced agreement for the EU and the UK and it is testament to our commitment to find solutions. I recommend that #EUCO endorses this deal.

The Northern Irish Democratic Unionist Party (DUP) has reportedly maintained its doubts and remains opposed to the agreement. Cable hit a high of 1.2989 before retreating closer to 1.29.

Some analysts are suggesting that Johnson is cornering the DUP to accept as hardliners in his party are on board. Parliament is set to convene for an extraordinary session on Saturday and it is unclear if MPs will back the accord.

GBP/USD is surging to new five-month highs above 1.29 and toward 1.30.

EUR/USD is also getting carried higher and crosses 1.11.

More Everything you need to know ahead of the critical Brexit summit

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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