UK: Pro-Brexit lawmakers to back EU-UK trade deal

The European Research Group, a group formed by pro-Brexit lawmakers from British Prime Minister Boris Johnson's Conservatives, announced that they will back the trade deal the UK reached with the EU, as reported by Reuters.

British lawmakers are set to vote on the deal on Wednesday. 

"Our overall conclusion is that the agreement preserves the UK's sovereignty as a matter of law and fully respects the norms of international sovereign-to-sovereign treaties," the group's legal advisory said in a statement. "The 'level playing field' clauses go further than in comparable trade agreements, but their impact on the practical exercise of sovereignty is likely to be limited if addressed by a robust government."

Market reaction

The GBP/USD pair preserves its bullish momentum on Tuesday and was last seen trading at 1.3516, up 0.5% on the day.