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NewsBreak: Pound Rallies on Hopes of End to Irish Backstop Quagmire

Published 2019-10-01, 12:40 p/m
© Reuters.
GBP/USD
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Investing.com – GBP/USD rebounded on Tuesday as the EU is reportedly ready to consider a time limit on the Irish backstop, Bloomberg reported.

  • The time limit on the backstop would only be offered if the U.K. accepted an Irish-only backstop, a measure to prevent a hard border between Northern Ireland and the Republic of Ireland. It would keep Northern Ireland in the customs union with the Europen Union, while the rest of the U.K. – England, Scotland and Wales – leave the economic bloc.

  • An Ireland-only backstop was previously tabled by the EU, but was rejected by the Northern Ireland unionist party that propped up former Prime Minister Theresa May's Conservative government.

  • The report also said the EU could give the Northern Ireland assembly a say on leaving the Brexit backstop. GBP/USD rose to a session high of $1.2341 before paring some gains.

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