GBP/USD Analysis and Talking Points
- GBP/USD Rallies as Farage Boosts Boris Johnson Majority Odds
- Brexit Party Will Not Contest Conservative Seats
GBP/USD rallied to fresh session highs following Brexit Party Leader Farage’s comments, whereby he stated that the Brexit Party would not contest the 317 seats that the Conservative Party had won in the 2017 election. This is in stark contrast to previous rhetoric that he would contest all 600 seats in parliament, however, in light of these comments, this raises the probability that Boris Johnson can ultimately secure a majority in parliament and thus get his Brexit deal through parliament. As it stands, bookmakers have increased the likelihood of a Conservative majority to 64%, previously had been 50%.
Polls Continues to Show Conservatives with Commanding Lead
GBP/USD Price Chart: 1-minute Timeframe (Intraday)
--- Written by Justin McQueen, Market Analyst
To contact Justin, email him at Justin.mcqueen@ig.com
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