GBP/USD is trading close to a one-month high as the uncertainty around the elections continue and markets wait to see who will be the next prime minister. At the time of writing, this forex pair is trading at around 1.274.

The recent rally in the Pound has been driven by a weakness in the US dollar over dovish comments from the Fed, hinting at an upcoming rate cut in the near future. On Monday, GBP/USD managed to touch a one-month high as a result of continued weakness in the dollar.

So far, Boris Johnson is in the lead and is the most hopeful contender to take over as Britain’s next prime minister. However, given that he is a known Eurosceptic and the face of the original Brexit referendum campaign, the odds of a no-deal Brexit have risen considerably over his possible ascension.