Breaking News: GBP/USD leaps on reports the UK, Germany, drop critical Brexit demands

FXStreet Team FXStreet

Bloomberg is reporting that both the UK and Germany decided to abandon some crucial demands over Brexit in order to facilitate an agreement. They seek to less detail on post-Brexit ties according to people familiar with the details. The significant shift in positions could make an agreement easier to achieve.

Both sides have agreed on a more vague statement regarding the distant future. Instead, the talks will focus on the immediate term: an orderly transition deal. Agreeing on a future trade relationship will be pushed back to the more distant future.

The GBP/USD is trading significantly above 1.2900, up some 100 pips from the pre-news levels. The 1.3000 level looms above. .Further resistance awaits at 1.3045. Support awaits at 1.2940, followed by 1.2835.

Chief EU Negotiator Michel Barnier visited Berlin last week and said that the EU is ready to offer the UK a "deal like no other country". However, in further comments, the veteran French politician rejected Britain's Chequers proposal and he sent the Pound back down.

There has been no official statement at the time of writing.

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