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Pound Cuts Gains, but Optimism Over Brexit Deal Grows

ForexDec 16, 2020 03:48PM ET
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By Yasin Ebrahim

Forex – The pound pared gains against the dollar Wednesday, but remained supported on reports a Brexit deal is within reach after the UK and EU made a breakthrough on a key sticking point amid ongoing talks.

GBP/USD rose 0.24% to $1.3493, hitting its highest level since Nov. 29.

European Commission President Ursula von der Leyen said there is a "narrow" path to an agreement on a post-Brexit deal following talks with the UK. The UK acknowledged that "some progress" had been made, but continued to suggest a no-deal was the most likely outcome as significant differences remain.

Progress has reportedly be made on level playing rules, but differences on fishing quotas continue to pose a challenge in negotiations.

The UK, however, is believed to have softened its stance on fisheries in a bid to get a deal over the line. Britain ditched demands for fishing vessels operating under the UK flag to be majority British-owned in the post-Brexit era, the Guardian reported, citing an unnamed source.

UK Prime Minister Boris Johnson, however, continued to take a hardline approach on fisheries in a speech on Wednesday.

"All it takes is for them [the EU] to realize that – like every other country – the UK has a right to control its own land and waters," Johnson said.

The recent progress on talks comes as both sides are coming under increasing pressure to seal a deal before the transition period on Dec. 31.

Pound Cuts Gains, but Optimism Over Brexit Deal Grows
 

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