The GBP Retreats Some Of The Gains

The British pound lost some territory this morning during the Asian trading hours after gaining overnight. There are U.K. and European Union are close to agreeing on a legal draft of a Brexit deal.

The GBP/USD tumbled 0.2% to 1.2755. Now, the pair trades at $1.2691, whis is drop of $0.00893 or 0.70% from the previous close of $ 1.27812.

The daily range is from $1.2656 to 1.2788, while the trading volume is 211.441K.

The GBP spiked yesterday after European Michel Barnier stated a draft legal text was being drawn up.

The agreement on Prime Minister Boris Johnson getting support from the Northern Irish Democratic Unionist Party. London and Brussels hope to reach a deal before the Oct. 31 deadline.