GBP/USD Extends Gains Ahead Of UK Election

GBP/USD continues its winning streak that started on June 27. GBP/USD traded around 1.2750 in the Asian session on Thursday, likely due to weak data released by the US on Wednesday.

Markets are expected to keep a close eye on the UK general election on Thursday. Britain appears set to elect Labour leader Keir Starmer as the next prime minister, ousting the Conservatives led by Rishi Sunak after 14 turbulent years. Polling firm Survation predicts that Labour will win a record number of seats in the national election, Reuters reported on Tuesday.

The US dollar (USD) struggled as US Treasury yields fell, likely due to escalating speculation that the Federal Reserve (Fed) will cut interest rates in 2024. US markets will be closed on Thursday for the Independence Day holiday.

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