EU and UK negotiators said to have agreed on draft text of future ties post-Brexit

Reuters reports, citing a EU official

• Agree on draft text of political declaration on future EU-UK ties post-Brexit

That means it's now down to the EU27 members to decide if they will accept the text before this weekend's summit. I believe Spain will still be a problem with this regard, but let's see how things move from here. Cable now touches a high of 1.2801 on the day as some optimism here is helping to keep the pound underpinned.

As an aside, let's not forget that May will travel again to Brussels on Sunday to try and finalise the Brexit agreement before Sunday's summit. Plenty of stuff still needs to happen but one step at a time I guess.