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Great Britain Pound Propelled Higher by Hopes for Brexit Deal

December 4, 2017 at 13:16 by Vladimir Vyun

A fan of Great Britain 10-pound notesThe Great Britain rallied today amid signs that Britain and the European Union continued to make progress in their Brexit negotiations.

Hopes were high today as British Prime Minister Theresa May was going to lunch with European Commission President Jean-Claude Juncker. In particular, markets welcomed reports that a preliminary agreement about Irish border was reached, though there were no details or an official confirmation.

Meanwhile, the IHS Markit/CIPS UK Construction Purchasing Managers’ Index climbed from 50.8 in October to 53.1 in November. Investors paid limited attention to the data, though, focusing on the politics instead.

GBP/USD rallied from 1.3441 to 1.3514 as of 13:11 GMT today. GBP/JPY climbed from 151.56 to 152.51, and its daily high of 152.93 was the highest since June 24, 2016 — the day when Britain decided to leave the EU.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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