Breaking: GBP/USD jumps as Johnson and Varadkar see pathway for a Brexit deal

Yohay Elam FXStreet

UK Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar have said that they could see a pathway for a deal. The leaders released a joint statement after a long meeting in a wedding venue to discuss the UK's divorce from the EU.

The meeting comes one week ahead of the all-important EU Summit next week and three weeks ahead of the current Brexit date. Talks had already seemed to be on the verge of collapse as both sides were unable to find common ground on a solution for Northern Ireland.

The statement lacks details but agreed they will reflect on the discussions with their colleagues.

GBP/USD has jumped from around 1.2215 to 1.2273 before settling somewhat lower.

Resistance awaits at 1.2290, followed by 1.2310. Support awaits at 1.22. Here is how the move looks on the 15-minute GBP/USD chart:

GBP USD Varadkar Johnson meeting October 10 2019

Here is part of the short statement:

Both continue to believe that a deal is in everybody’s interest. They agreed that they could see a pathway to a possible deal.

Their discussion concentrated on the challenges of customs and consent.

They also discussed the potential to strengthen bilateral relations, including on Northern Ireland.

They also agreed that UK Brexit Secretary Stephen Barclay will meet Chief EU Negotiation Michel Barnier tomorrow in Brussels.

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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