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GBP/USD is trading above 1.2350, already some 150 pips on the day.

Pat Leahy, the political editor of the Irish Times, tweeted::

“So am hearing that there has been very significant movement from the British side on the customs issue in the Johnson-Varadkar talks,”  

Reports about major British concessions on Brexit are doing the rounds following the meeting between Johnson and Varadkar

— more to come