Pound Fails to Bounce After Post-Election Sell-Off

The Great Britain pound attempted to rally today, following Friday’s huge losses, but was unable to do so and is moving further down as of now.

The attempt of UK Prime Minister Theresa May to consolidate power with the help of the snap election backfired spectacularly, resulting in a hung parliament and huge losses to the sterling. She faced calls to step down, even from her own party. While her position looks secure enough for now, the uncertain future does not encourage investors to buy Britain’s currency.

GBP/USD dropped from 1.2711 to 1.2681 as of 12:00 GMT today after rallying to 1.2769 intraday. EUR/GBP was down from 0.8813 to 0.8778 before rebounding to 0.8847 later.

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