The incumbent Prime Minister Johnson’s Conservative Party is expected to win with a majority in the upcoming December 12th elections. The UK poll puts the Tories as the firm favorites despite the Labor party trailing closely. The sterling which fell earlier this week on news about the Labor party gaining ground erased the losses.
GBP/USD Back Within the Range
The currency pair is back trading within the range of 1.2960–1.2865. This sideways range could continue into the December 12th elections. So far, the upper range of 1.2960 has held up. So further gains can be expected only on a strong close above this level. To the downside as well, unless the declines are followed up by strong momentum, price action could remain muted.
