Last week, the British pound strengthened in sessions after news from the Irish Prime Minister supported the currency. Irish PM Leo Varadkar and British PM Boris Johnson discussed Britain’s divorce plan with the European Union.
The British pound didn’t immediately rally in Friday’s session. However, it picked up its pace in the latter half. GBP USD traders rejoiced as the pair finally gained altitude on the sessions.
The GBP USD exchange rate gained a whopping 1.72% or 0.0214 points in last week’s sessions.
The pair started slow and steady and has impressively climbed from £1.2423 to as high as £1.2685.
The pound’s strength came after the Irish Prime Minister appeared to have a new stance about Johnson’s Brexit proposal.
The British pound contract was also seen in the positive end of the spectrum last Friday. The pound’s futures rallied 1.80% or 0.0225 points on Friday’s trading.
Last Friday was a sigh of relief for pound traders as the pound has previously shown signs of exhaustion. Thanks to the Irish Prime Minister and British Prime Minister’s meeting, the UK currency regained its footing.
In previous interviews, the Irish Prime Minister said that it would be difficult for the United Kingdom to snatch an agreement with the European Union.
However, things have changed after the Irish PM, and the British PM met at a hotel just outside Liverpool, England. The two influential leaders met on Thursday last week to discuss Brexit matters.
The meeting appeared to go well as the Irish Prime Minister now sees a pathway to a possible deal with the European Union.
In Britain’s plan, Northern Ireland would be pulled out from the European Union customs along with the rest of the United Kingdom. However, it will still follow other European Union regulators.
Despite the positive outcome and the pound’s strong rally on Friday, skeptics still wonder about the authenticity meeting. It’s hard to judge whether the Irish Prime Minister and the British Prime Minister closed their gaps.