Pound US dollar exchange rate: GBP/USD rises on hopes for a Brexit extension

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Stephen BarclayUK’s Chief Brexit Negotiator, Stephen Barclay (Image: REUTERS/Henry Nicholls)

Sterling improved after the UK’s Chief Brexit Negotiator, Stephen Barclay confirmed that Prime Minister Boris Johnson would respect the Benn Act and request an EU extension if an agreement can’t be reached by Saturday. Mr Barclay said: “I can confirm, as the PM has repeatedly set out, that firstly the government will comply with the law. And secondly, the government will comply with undertakings given to the court in respect of the law.”

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At the same time, the pound rose on renewed optimism for a resolved Brexit deal ahead of tomorrow’s EU Council Summit.

Michel Barnier, the EU’s chief Brexit negotiator, seemed confident that a Brexit deal would be secured by the end of the day. 

However, a lack of consensus among

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