Mubasher: UK Prime Minister Boris Johnson and European Commission President Jean-Claude Juncker on Thursday said simultaneously that an agreement was reached on a new withdrawal deal, according to CNN.

In response, the sterling pound took a 1.29% leap against the US dollar $1.29.

Premier Johnson is now heading to Brussels to join European Union (EU) leaders in a two-day summit.

The new withdrawal pact will be presented to EU leaders later on Thursday, the bloc’s chief Brexit negotiator Michel Barnier said in a news conference.

Under the hard-won deal, citizens’ rights will be guaranteed, the UK will deliver on its EU budget commitments, the transition period will extend to the end of 2020, and possibly another year, Barnier was quoted by Reuters.

Both sides also reached agreement on a “legally operative solution” to avert hard borders in Ireland, a sticking point in the Brexit negotiations, he added.

However, uncertainty remained as whether Johnson will manage to get the approval of the UK Parliament, where he is not holding a majority and struggling to win over opposition members of parliament since taking the helm of the Conservative Party last July.

Northern Ireland’s Democratic Unionist Party (DUP), a key ally of Johnson’s government, said it could not approve the customs and consent arrangements relating to Northern Ireland in the Brexit deal proposal by Number 10.

The deal “focused on the protocol on Ireland/Northern Ireland and sought to identify a mutually satisfactory solution to address the specific circumstances on the island of Ireland,” Juncker was quoted by CNN.

The clock ticks down towards the 31 October deadline, and if Johnson failed to win parliamentary backing for his Brexit deal by Saturday, he is obliged by law to request a three-month extension.

Previously, Johnson vowed to deliver Brexit by the end of October, whether with or without a deal, saying he would not ask for another delay.

The UK’s main opposition Labour Party leader Jeremy Corbyn said that his party was “unhappy” with the new deal, according to Reuters.

“We are unhappy with this deal and as it stands will vote against it,” Corbyn said.

By 10:43 am GMT, the GBP/USD pair climbed by 0.41% to $1.2885, while the EUR/GBP pair ticked down by 0.08% to GBP 0.8622.