The pound sterling posted gains on Thursday after a meeting between the UK and Irish leaders. In a meeting between British PM Johnson and Irish PM Varadkar, both leaders committed to a statement claiming that a resolution to the Brexit stalemate is possible.
The news comes as the UK approaches the October 31st Brexit deadline. The news is seen as a positive development with the Irish backstop arrangement being the main focus of the talks.
GBP/USD Pares Losses, Can the Gains Continue?
The currency pair reversed the losses from earlier this week. After price action threatened the lower support at 1.2203, the news sent the currency higher. GBPUSD was testing the previously established resistance level at 1.2370. A clear close above this level will confirm further upside. The next main target is at 1.2533.
