GBP/USD Rises Above 1.29 as Focus Shifts From Brexit to General Elections

GBP/USD trading strong above the 1.29 level as Britain shifts its focus away from Brexit and onto general elections momentarily.

Written by: Arslan Butt • Thursday, October 31, 2019 • 1 min read

• Last updated: Thursday, October 31, 2019

GBP/USD trading bullish as focus shifts from Brexit to elections

The pound is trading stronger against the US dollar on Thursday, comfortably above the 1.29 level, as Britain shifts its focus away from Brexit and onto general elections momentarily. At the time of writing, GBP/USD is trading at around 1.292.

AS the UK readies itself for a round of early elections, GBP traders are cheering the aversion of a no-deal Brexit, even though Britain’s departure from the EU has been delayed once again. The focus of the upcoming round of elections is also on getting enough support to ratify the latest version of the withdrawal agreement.

Meanwhile, outgoing European Council chief Donald Tusk has urged British MPs to get Brexit done by the latest deadline of January 31, 2020, cautioning that the EU may not grant another extension to Britain. PM Boris Johnson remains optimistic that he will be able to get “Brexit done” after the polls.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.