The pound sterling rose over 1.26% on Friday as the UK election results were announced. Investors had already bet on a Tory win. However, there was a bit of doubt on whether the Conservative party could win with a majority.
Following the results, PM Boris Johnson is now expected to proceed with his Brexit plans.
GBP/USD Retreats off 1.35 Level
With trades already pricing in a Tory victory, the currency pair reversed gains after reaching for 1.3500. Price action culminated with a strong pullback thereafter.
However, the upside bias remains in place for the moment. Short term support could form at 1.3226 level. But the currency pair could continue trading within Friday’s range.
