British Pound drop in Value As Britons Head To Polls

The value of the  British pound dropped on Thursday as Britons voted in a general election that seeks to determine what has been declared a major Brexit decision.

The value had increases overnight to a 10-month peak at $1.3229 on expectations of an election win for Prime Minister Boris Johnson’s Conservative Party, the pound slipped.

Johnson called Thursday’s snap vote in a bid to gain a decisive mandate to leave the European Union on January 31, more than three-and-a-half years after Britain narrowly voted in a referendum to leave.

“Just before voting opened, the polls suggested that a Conservative majority — seen as the preferred market outcome… was perceived as increasingly likely,” noted AJ Bell investment director Russ Mould.

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However investors were sitting tight awaiting the vote outcome as polls have tightened in recent days, suggesting that a hung parliament, or no overall majority for either the Tories or main opposition Labour party, could still occur.

Source: AFP

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