GBP/USD jumps to fresh highs on Brexit headlines

• Pound gains momentum across the board on latest Brexit headline.  
• GBP/USD hits weekly intraday highs and retreats modestly.  
• Ahead: FOMC minutes and May-Juncker meeting.  

The GBP/USD jumped from 1.3025 to 1.3077 in a few minutes, hitting the highest intraday level since February 4. It pulled back and as of writing trades at 1.3055/60, off highs but up 30 pips from the level it had an hour ago.  

The move to the upside took place after Spain’s foreign minister mentioned that a new Brexit deal is “being hammered” in Brussels. UK PM May will meet EC President Jean-Claude Juncker. Still, the main obstacle for May’s Brexit continues to be at the Parliament. Today, three Conservative MP resign to join the newly created Independent Group.  

The greenback is modestly lower ahead of the FOMC minutes that will be released at 19:00 GMT. In Wall Street, equity prices are little changed, and US bond yields are marginally higher.  

GBP/USD Short-term levels  

To the upside, the immediate resistance is seen around recent highs at 1.3075, followed by 1.3100/05 (Feb 4 high). On the flip side, support now could be located at 1.3045, 1.3010 (daily low) and 1.2975.