GBP/USD: British pound spikes as odds of a Brexit deal rise

The GBP/USD pair pared earlier losses as traders reacted to the new developments on Brexit. It also reacted to the overall weaker US dollar and the relatively strong UK manufacturing PMI data. It is trading at 1.2957, which is lower than the intraday low of 1.2817. European Union sues the United Kingdom The European Union launched a legal action against the United Kingdom in protest to the Internal Market Bill. The EU had given the UK until yesterday to remove parts of the bill that break international law. The internal market bill is part of Boris Johnson’s administration to streamline