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Negotiators from the U.K. and EU have reached a draft Brexit deal in the eleventh hour of talks and ahead of a crucial EU summit on Thursday.

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 up to that point. The pound was 0.8% higher against the dollar, at $1.2929, reaching a five-month high.

U.K. Prime Minister Boris Johnson said “we have a great new Brexit deal” via Twitter. He called on British lawmakers to back the deal when it’s put before Parliament on Saturday.

Meanwhile, European Commission President Jean-Claude Juncker said the deal was a “fair and balanced” one.

Discussions to hammer out a “Withdrawal Agreement” — that will now be put before EU leaders at their summit on Thursday and Friday, and then U.K. lawmakers at the weekend — had continued late into the night Tuesday and into Wednesday. The EU Parliament will also have to ratify the deal at an, as yet, unspecified date.

Speaking after the deal was announced, Michel Barnier, the EU’s chief Brexit negotiator, said the deal was the result of intense work from both negotiating teams. “We have delivered together,” he said.

Giving further details on the deal, Barnier said that Northern Ireland will remain part of the U.K.’s customs territory and would be the entry point into the EU’s single market. He said there would be no regulatory or customs checks at the border between the Republic of Ireland and Northern Ireland (a part of the U.K.) — removing a factor that had been a key concern for both sides.

The deal covers the protection of citizens’ rights and a transition period which will last until the end of 2020.