British Pound Trading Wildly Amid Conflicting Statements on Brexit Demands from Germany and Britain

The British pound surged on Wednesday on news reports that Germany and the UK have agreed to drop key Brexit demands.

The GBP/USD currency pair rallied more than 1.1% following the reports, hitting a weekly high of 1.2983 against the dollar in early trading on Wednesday.

But the sterling lots the majority of its gains later in the day after a contradictory statement came from a spokesman for the German government, who told Reuters that “the government’s position is unchanged” on Brexit.

At press time, the pound is hovering around 1.2897, up 0.32% on the day.

Pound photo credit: 1