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NewsBreak: Sterling Jumps on Report of Brexit Breakthrough

Investing.com

Investing.com - The pound spiked on Tuesday after Bloomberg reported that the U.K. and European Union are close to agreeing on a legal draft of a Brexit deal.

The deal however is dependent on Prime Minister Boris Johnson getting support from the Northern Irish Democratic Unionist Party, which is uncertain. The two sides are racing to reach a deal before the Oct. 31 deadline, but remain optimistic that an agreement will be made by the end of Tuesday.

GBP/USD soared 1.1% to 1.2738 as of 10:44 AM ET (14:44 GMT) while EUR/GBP tumbled 1.1% to 0.8658.

EUR/USD was flat at 1.1027.

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