Sterling rallies on new draft Brexit deal

The British pound rose during today trading hours after the UK and the EU announced today that they have agreed on a draft deal for the Brexit.

The United Kingdom and the European Union agreed on a draft deal for an exit in orderly fashion, while allowing the UK to remain within the EU customs union in addition to resolving the Irish border issue.

British Prime Minister, Boris Johnson, described the deal as a great new deal that takes back control and the President of the European Commission described it as fair.

Although, hopes increased after the announcement of the draft deal, but the there's still a significant hurdle on its way, which is the British Parliament.

The British parliament is due to meet on Saturday to vote on the draft Brexit deal.

The British economy revealed today that the retail sales held at 0.0% in September, which came better than forecasts of a decline by 0.1%.

As of 19:35 GMT, GBP/USD rose by 0.4% to $1.2875, with a high of $1.2987 and a low of $1.2749.