British pound climbs while FTSE 100 registers moderate gain following Brexit agreement

Associated Press

The British pound rose sharply on Thursday while British equities recorded moderate gains in the wake of an agreed deal between UK dealers to leave the EU.

Details continued to emerge when Britain's Prime Minister Boris Johnson and other European leaders announced the pact. The pound

GBPUSD, -0.3898%

rose as high as $ 1.2987 before retreating to the high $ 1.28 level.

The pact still needs approval from the British Parliament, where the Northern Ireland DUP has still not agreed to support the agreement. A vote in parliament is scheduled for Saturday, Johnson said.

The gain for British equities was more temperate, perhaps reflecting the short coverage that already happened last week.

U.K. banks Barclays

BARC, + 1.13%

Royal Bank of Scotland

RBS, + 1.48%

and Lloyds Banking Group

LLOY, + 1.16%

each rose, but recorded gains of less than 2%.

FTSE 100

UKX, + 0.54%

gained 0.61% to 7212.01