The British pound was soaring against the US dollar on Thursday after a report that the UK has reached a post-Brexit deal for the financial services sector, MarketWatch reported.

The pound shot to $1.2917 from $1.2767 late Wednesday, and is up about 1% on the session so far. Those gains came after the Times of London reported that government sources indicated a tentative deal had been reached to allow UK banks to keep operating in European Union markets even after Brexit goes through.