GBP/USD jumps above 1.2550 as Pound soars on Juncker’s comments

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  • EC Juncker opens the door to a potential Brexit deal before the current deadline. 
  • Pound jumps, reaching multi-month highs against most of its rivals. 

The GBP/USD pair rose quickly from 1.2490 to the 1.2550 area, reaching levels not seen since July 19. The Pound became the top performer of the day after rising sharply across the board following comments from Jean Claude Juncker, European Commission President. 

He said that a Brexit deal could be reached by October 31. Regarding the Irish backstop, mentioned that if their objectives are met through alternative arrangements, “we don’t need the backstop”.

His comments triggered a rally of the Pound that extended gains. Cable jumped hitting levels above 1.2550 for the first time in two months. 

The pair resumed the rally that started from below 1.2000 and climbed on top of the 100 days SMA. The next resistance might be seen at 1.2575 (July 12 and 15 high). 

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