GBPUSD hits a two-week low along with the decline of Conservatives

Sterling Pound dropped against a basket of major currencies on Friday,  GBPUSD extending its losses for a second consecutive day , hitting a two-week low after a recent poll showed a decline of Conservatives against Labour, two weeks ahead of UK elections.

GBPUSD is traded at around 1.2875 at 08:20 GMT from opening price 1.2940 after it reached its highest at 1.2945 and its lowest at 1.2860 since 12 May.

GBPUSD closed yesterday’s trading session lower by more than 0.2% , following the Greenback’s recovery against most major currencies, and the weak data released from Britain showing a slowdown in the UK economic growth during the first quarter of 2017.



The UK economy grew 0.2% in Q1 of 2017, more slowly than experts’ expectations of 0.3% growth, while it grew by 0.6% in Q4 of 2016.

The Conservative Party got 43%, a 1% decline from last week’s rate, compared with the rise of the Labor Party by 3% reaching to 38%, according to YouGov poll on Thursday.

Most polls predicted that May party would achieve a big victory in the early parliamentary elections, but the party’s decline this week was due to the cancellation of welfare reform proposal.

Last April British Prime Minister Theresa May called for early parliamentary elections to be held on 8 June in order to get a political and social support for Brexit negotiations.

Early this week, the pound has been under negative pressure after the government threatened to suspend Brexit negotiations, if the EU insists that the bill of exit that must be paid by UK costs 100 billion Euros.

Mohammed Abdelkhalik

Leave a Comment

About Us - Sitemap - Contact Us - Disclaimer- Terms & Conditions - Cookies Policy-
© Copyright 2013-2017. All Rights Reserved. - Top UK Forex Trading & CFD Brokers - is owned and operated by Clicking Media Ltd ( company registered in England and Wales, UK ) Protection Status
Use of this site constitutes acceptance of our Disclaimer

Risk Warning: Online trading always holds an element of risk a it's not recommended for all investors or traders. Before deciding to trade you should evaluate your investment goals, your experience and risk propensity. You need to know there is a chance that you can lost some or all of your initial investment therefore you should avoid to invest money that you cannot afford to lose. In case of any doubts we recommend to seek advice from an independent financial advisor. ( check website ) Trade at your own risk.
Disclaimer: The information contained within is only provided as general market commentary, and it’s for general information and educational purposes only, and it’s not intended to provide financial advice, nor is it an offer or solicitation of any kind to buy or sell any investment products has financial relationships with some of the products and services mentioned on this web site, and may be compensated if consumers choose to click these links in our content and ultimately sign up for them. For more information please visit our disclaimer web page Read Full Disclaimer