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The pound rose more than 1% against the dollar on Monday after the EU chief negotiator, said a British EU exit deal was possible within a period of eight weeks, “if we are realistic”.

Sterling later fell back slightly to $1.3042 by the end of the afternoon.

It is the second time in less than a week, Michel Barnier, has made comments that are interpreted as what the EU is softening his negotiating position.

The euro rose against the dollar by about 0.5%.

The possibility that the UK crash out of the EU without a negotiated solution weighed on the pound sterling in the last few weeks.

Brexit: Barnier says agreement is possible until the beginning of November
The Chequers-plan explained
Brexit: important dates and potential hurdles

On Monday, Mr Barnier told a business forum in Slovenia : “I think that if we are realistic, we are able to reach an agreement on the first Phase of these negotiations, the Brexit Treaty, within six or eight weeks.”

He has previously stated, that must be the end of October, the last point at which a degree of match is found to avoid that is an unordered no-Escape deal.

At the end of last week, Mr. Barnier was quoted as saying that the EU is open to pitfalls, for a discussion of the most important Brexit, especially the Irish border Problem, which could help pave the way to an agreement.

But at the weekend, political divisions within the Conservative party were in the focus again, according to Boris Johnson controversially-worded criticism of Prime Minister by the “Chequers” of the proposals.

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“It just shows that the bottom line is that people want to see: Brexit progress,” says Viraj Patel, a currency strategist at ING in London.

“You have a market that is heavily short on the pound sterling due to Leakage. It requires that the tail risk to be removed before sterling rally.”

Connor Campbell, an analyst at GFT, said: “Although, of course, is the content of each thing is the thing that really matters, in the moment, to take the pound, what can it get”.

The figures showed that the British economy is growing at the fastest rate for almost a year also increased in sterling value.