Great Britain Pound Rebounds After Friday’s Losses

The Great Britain pound rose against its major rivals today following the huge losses on Friday caused by polls that showed the ruling Conservative party is losing its lead ahead of the snap election in June.

Conservatives had a huge lead over their Labour rivals according to the early polls. Yet the latest polls show that the gap is narrowing. It is important to note that there are still high chances for Conservatives to have a healthy majority in the Parliament after the election.

Markets clearly prefer the victory of the Conservative party of Prime Minister Theresa May. The reason for that is such an outcome will result in stronger government, which will provide May a firmer foundation in Brexit negotiations with the European Union.

GBP/USD rose from 1.2800 to 1.2838 as of 20:31 GMT today. EUR/GBP slid from 0.8719 to 0.8699. GBP/JPY gained from 142.40 to 142.89.

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