The Times newspaper, citing unidentified sources, stated that the DUP party in Northern Ireland, which is a major ally to the ruling Tory party and a crucial participant in the Brexit negotiations, is willing to enter into new rounds of talks for the advancement of a new alternative to the highly controversial Irish backstop proposal.
These reported developments could potentially save the trade deal negotiations between the UK and the EU, following the misfires of Boris Johnson’s cabinet. The Prime Minister recently stated that he would “rather be dead in a ditch than postpone Brexit” and because of the fast-diminishing list of options before him, Johnson was compelled even to consider calling for a new General Election (you can read more about it here).
Thus, if the Irish backstop problem, which has been a major point of contention between the Eurosceptic Johnson and the EU Commission, could be solved through the advancement of an alternative proposal, investors believe that the path to a general trade deal would be open.
The GBPUSD soared with 1.03 per cent after the news broke out and thus, the pair will finish its second consecutive week in the green, generating 2.30 per cent gains in total.
Image source: Trendsharks ©, created with TradingView.com
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