EU's Juncker: I am happy and relieved that we reached a deal but sad because Brexit is happening

GBP/USD rallied towards the 1.30 handle on Brexit optimism.
EU's Juncker speaks in a presser following EU endorsment of the new Brexit agreement with the UK.

Ross J Burland FXStreet

In a press conference, EU's Juncker says "what we agreed on is much more than a deal, it provides legal certainty to problems created by Brexit."

More from Juncker:

Says Brexit deal safeguards peace and stability on the island of Ireland.
Says deal provides transition period until end-2020.
Says Irish solution protects stability in Ireland and EU internal market.
Says a deal provides for an ambitious free-trade agreement with no tariffs or quotas.
Says I am happy and relieved that we reached a deal but sad because Brexit is happening.

FX implications:

GBP is not out of the woods yet. This weekend will be critical as the PM of the UK will have to try and get the deal through Parliament on Saturday with the DUP opposing it. DUP deputy leader Nigel Dodds proclaimed that PM Johnson has been "too eager by far to get a deal at any cost". Indeed, there could be an extension to the Brexit deadline if MPs rejected it which means further uncertainty for GBP and UK politics. For now, we have seen GBP/USD rally towards the 1.30 handle on optimism.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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