GBP remains under pressure, reflecting the focus on the EU Leaders’ Summit in Brussels, noyes BNP Paribas.
"A deal for the UK is widely anticipated, with most officials expressing optimism at the start of meetings on Thursday. Following negotiations overnight which concluded in the early hours of the morning, leaders meet today for further discussions.
A deal being struck today would open the way for PM Cameron to announce the date of the referendum over the coming days. An important litmus test for the deal will be the UK press reports over the weekend and the subsequent polls.
We view that the proposed deal will allow EURGBP to unwind some of the Brexit risk premium that has been recently been priced into the cross," BNPP argues.
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