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The british pound has gained strongly against both the dollar and the euro following reports that the united KINGDOM and Germany have made progress towards a brexit case.

Sterling has risen by almost 1% relative to the u.s. dollar and 0.5% against the euro after the reports on the financial news service Bloomberg.

The agency said that the German government was prepared to accept an agreement on the future UK-EU trade links.

However, analysts have warned that the EU’s position has not been decided by Berlin.

“Germany has not – despite its domination of the economic block, in fact, speak of the EU position,” said Neil Wilson, chief market analyst at Markets.com,

“[The chief negotiator of the EU] Michel Barnier could well have something to say about this report. As was Theresa may,” he added.

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In afternoon trading, the pound was trading at $1.2961 and €1.1155.

“For the second time in a week, the british pound rose strongly on notes that progress is imminent in brexit negotiations,” said Ranko Berich, head of market analysis at Monex Europe.

“Today, Bloomberg news cites people familiar with the matter in the reports that Germany and the united KINGDOM are willing to fudge the current October deadline to dramatically dial back the scope of the initial agreement on the UK’s relationship with the EU.

“Even if it is confirmed, today, the reports would not represent a step forward towards a comprehensive agreement of the kind hoped for by [Mrs] May. But, at this stage, it looks like any tip the UK will be able to avoid a non-case-scenario is enough to give sterling a solid support.”