The UK and EU negotiating teams appeared to have reached an agreement before a meeting of European Leaders in Brussels.
Prime Minster Boris Johnson tweeted "we've got a great new deal that takes back control."
The pound surged through $1.29 against the USD, representing a new 5 month-high whilst the pound against the euro touched as high as 1.1660 after the announcement was made.
Jean Claude Juncker, the President of the European Commission also confirmed that a deal has been agreed.
He tweeted: “Where there is a will, there is a #deal - we have one! It’s a fair and balanced agreement for the EU and the UK and it is testament to our commitment to find solutions... I recommend that #EUCO endorses this deal”.
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