Currencies: Pound soars on fresh optimism over a potential Brexit breakthrough

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The British pound was soaring against the U.S. dollar [s: GBPUSD] on Thursday after a report that the U.K. has reached a post-Brexit deal for the financial services sector.

The pound GBPUSD, +0.7519% shot to $1.2917 from $1.2767 late Wednesday, and is up about 1% on the session so far. Those gains came after the Times of London reported that government sources indicated a tentative deal had been reached to allow U.K. banks to keep operating in European Union markets even after Brexit goes through.

The pound, known as sterling, could continue to trade strongly, although further moves may be dependent on the Bank of England’s decision on interest rates scheduled for later in the day, said Peter Iosif, senior research analyst at IronFX, in a note to clients.

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