GBP is rising to a two-week high ahead of British elections
GBP rose on Thursday against a basket of world currencies, extending its gains for a fifth consecutive day against the USD, hitting a two-week high with the start of the early parliamentary election in Britain, “For a comfortable win that would allow the majority of parliamentary seats to be expanded.
The pair GBPUSD is trading at 08:30 GMT around 1.2970 from the opening price of 1.2956 after recording the highest 1.2977 since May 25 and the low of 1.2948.
The pound ended yesterday’s trading up by 0.4 percent against the US dollar, its fourth daily gain in a row, after the latest polls on the parliamentary elections showed the Conservatives’ progress.
Polling stations opened on Thursday for British voters to elect members of parliament in early elections called by Prime Minister Teresa Mae, with the prospect of about two-thirds of the nearly 30 million eligible voters.
In April, May called for early parliamentary elections three years ahead of schedule to gain political and social support for the EU commissioners’ move to move out of the European region politically, economically and socially.
The parliamentary elections come at a time when the country is facing a major challenge to break away from the European Union and after three terrorist attacks in less than three months.