According to Reuters
- New proposal for Irish border/backstop a step in the right direction
And cable shoots up to a high of 1.2994 on the day, dragging EUR/USD higher as well to a high of 1.1506 on the session. Reuters is citing an unnamed EU source on the matter. As mentioned yesterday, its now all about the wait as we have to hear what proposals will be brought forward by the UK on the Irish border before the EU Summit takes place later this month on 17-18 October.
Although there isn't any details on the matter here, the rhetoric is encouraging and that will only serve to boost the pound further on the day surely. Watch out for the 1.3000 level, that is the next key level for cable. But stay below that, and near-term bias remains bearish still. Though it's all about headlines, so be wary.
