Sterling soars on Brexit deal hopes

The British pound rose against the US dollar today, to maintain the huge gains it saw yesterday and continue rising near the highest level reached yesterday, after positive remarks on the Irish border crisis which raised hopes about this major sticking point in negotiations for a Brexit deal.

GBP/USD rose by 0.2% to $1.2466, from the opening of $1.2439 with an intraday low of $1.2423.

Sterling rose by 1.9% against the US dollar yesterday, its first daily gain in 4 days, and the biggest since March 13th, rising to a 2-week high of $1.2468.

This biggest gain in the last 7 months came after a fruitful and positive meeting between British PM Boris Johnson and Irish PM Leo Varadkar.

During this week, the British pound gained 1.1% against the dollar so far, to head for its second consecutive weekly gain, on hopes of a Brexit deal that will deter a chaotic exit.

Irish PM Leo Varadkar has said that a deal can be reached by the end of this month that could allow Britain to leave the European Union with  in an orderly fashion, and stated that his meeting with British PM Boris Johnson was very positive meeting.

Bearing in mind that the Irish border problem is considered as one of the main points of disagreement between London and Brussels in terms of a final Brexit deal ahead of the deadline on Oct 31.