EU said to offer a major Brexit concession to UK PM May

Haresh Menghani FXStreet

According to the latest headlines floating on the wires, the EU is said to offer a major Brexit concession to the UK PM Theresa May.

A report, via the Business Insider, says that the EU member states are reportedly willing to consider a Brexit deal, which will allow Britain remain in the single market for goods while opting out of the free movement of people.

As a result, the British Pound popped up across the board, helping the GBP/USD pair to rebound from near one-year lows and retake the 1.2900 handle.

However, it is worth reporting that the EU's chief negotiator Michel Barnier has previously ruled out such a deal.

Moreover, the UK Parliament is also likely to reject any such deal on the grounds that it will limit the country's ability to strike a new free trade deal and hence, raises scepticism over any further GBP recovery.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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