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
