The pound sterling fell on Tuesday after the latest opinion polls saw the trailing Labor party catching up. The opposition party narrowed the lead from 18 points to 11. The UK is set for an election on December 12th.
The Conservative party remains the favorite, with PM Boris Johnson set to go ahead with the Brexit deal if he achieves a majority in the UK parliament.
GBP/USD Slips Off Support Once Again
The currency pair broke past the support area of 1.2865 on Tuesday. However, the declines are continuing to consolidate near this price point. Therefore, there is a risk of a move back to the upside. Unless GBPUSD clears the previously established lows at 1.2825, we expect price action to remain near 1.2865.
