Breaking News: Barnier says getting Brexit deal is 'realistic' in 6-8 weeks, GBP/USD surges above 1.3000

FXStreet Team FXStreet

Chief European Union Negotiator Michel Barnier says that reaching a Brexit deal is realistic within six to eight weeks. Barnier is speaking in Bled, Slovenia.

The GBP/USD shoots higher, nearly 100 pips and has reached a peak of 1.3039 at the time of writing. Resistance is seen at 1.3045, followed by 1.3080. The round number of 1.3000 may provide some support. Further support awaits at 1.2940. Update: the new high is 1.3051, the highest since August 2nd.

The initial deadline for reaching an agreement was the European Union Summit on October 18th which is around six weeks from now.

Barnier has moved the British Pound in both directions in recent weeks. The usually stern politician sent the GBP/USD higher by stating the EU is ready to offer the UK a deal unlike any other country". He later slammed the British government's Chequers proposal. Reports about a UK-German understanding surfaced, only to be denied later on. The negotiations are far from over and the UK government has its own divisions.

Here is how the move looks on the daily chart. Click the image to see a live chart:

GBPUSD breaking higher on Barnier realistic Brexit deal September 10 2018

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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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