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GBP Shoots Higher as Brexit Deal Seen as Done

FOREX

A veritable flurry of source reports from various outlets drove GBP higher, as news rolled in that a Brexit deal was as good as done, with negotiators going over the final details ahead of a convening of EU ambassadors on Thursday to go over the details.

As a result, GBP firmed sharply, prompting GBP/USD to add well over a cent and narrow the gap with (but not quite challenge) the Dec17 highs of $1.3624.

The sole currency outstripping the GBP Wednesday was NOK, which firmed well alongside a near 3% oil price rally. USD/NOK remains well within reach of the 8.5520 cycle lows.

Focus Thursday turns to the passage of any Brexit bill and the Turkish central bank rate decision. Outside of that, volumes are likely to be light, with news flow thin ahead of the Christmas break.

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