Pound Faces Sell-Off After European Elections

May 28,2019 13:30   Source:Earnforex

A column of 50 British pound notesThe Great Britain pound faced a sell-off again after the European elections over the weekend. The outcome of the voting showed a surge of support for the Brexit party, increasing chances of a “no-deal Brexit”.

Nigel Farage’s Brexit Party won majority of votes in every region of England, except for London, securing 29 of 70 seats in the European Parliament. It is important to note that the pro-Remain Liberal Democrats came second with 16 seats. Britain’s two major parties were clear losers. Conservatives experienced especially humiliating defeat, showing that Britons, who want to leave the European Union, were clearly unhappy by how Theresa May handled the Brexit.

Markets in Great Britain and the United States were closed for holidays on Monday, resulting in very light trade and small volumes. Markets should return to norm tomorrow, with several macroeconomic reports scheduled for release in Britain and the USA on Tuesday.

GBP/USD tumbled from 1.2726 to 1.2675 as of 18:04 GMT today. GBP/JPY retreated to 138.82 after opening at 139.09 and rising to the daily high of 139.63. GBP/AUD declined from 1.8354 to 1.8326.


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