The "Withdrawal Agreement" will now be put before U.K. lawmakers at the weekend.
Negotiators from the U.K. and EU reached a draft Brexit deal in 11th-hour talks Thursday, although there are serious doubts that the agreement will be approved by U.K. lawmakers back in Westminster.
Sterling rose on news after the U.K. made concessions over the Irish border, an issue that had proven to be the biggest obstacle to a deal. The pound was 0.8% higher against the dollar, at $1.2929, reaching a five-month high but soon trimmed those gains as opposition parties in the U.K voiced their concerns.
"We have a great new Brexit deal," U.K. Prime Minister Boris Johnson tweeted. He called on British lawmakers to back the deal when it's put before Parliament on Saturday.