The pound sterling has retreated off an eight-month high. The declines came as the GBPUSD fell over 0.2% on the day. Reports of a possible hung parliament in the UK were seen hitting the sentiment.
With less than a day to go until the UK elections, the GBPUSD is expected to show some volatility.
Will the GBP/USD Decline Further?
The currency pair touched an eight-month high before easing back during the intraday session. Price is short of testing the immediate support level of 1.3100.
As long as this support holds, GBPUSD is on track for further gains if the current highs are breached. To the downside, a breakdown below 1.3100 will trigger further declines likely toward the 1.2960 region.
