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NewsBreak: Pound Hits 2-Year High vs Euro on Election Victory Outlook

Currencies
Published Dec 04, 2019 07:28AM ET Updated Dec 04, 2019 07:39AM ET
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Investing.com -- The pound hit its highest level against the euro in over two years on Wednesday on increasing confidence that the general election on Dec. 12th will return the Conservative Party to power with a healthy majority. It also hit a six-month high against the dollar

Opinion polls have consistently put Boris Johnson's Tories ahead of the left-wing Labour Party by a margin of between 9 and 12 points. Under normal circumstances, that would guarantee it a majority of seats in the House of Commons. However, traders have held back from betting on such an outcome in recent days, wary of a late surge by Labour or Liberal Democrats, which could create another 'hung' parliament and thwart Johnson's plans to complete Brexit.

GBP/EUR at 1.1810, down from a new high of 1.1815, the highest since May 2017.

GBP/USD at $1.3082, the highest since May 2019.

U.K. 10-Year Gilt yield at 0.72%, up 5 basis points vs Tuesday.

FTSE 100 at 7,173.36, up 0.1% vs Tuesday.

NewsBreak: Pound Hits 2-Year High vs Euro on Election Victory Outlook
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Hermy Johnson
Hermy Johnson Dec 04, 2019 12:27PM ET
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You can trade it by looking up brokerages that support the country where you are currently occupied. You will specifically look for forex brokerages. Just as an example, I live in the US. The US has strict forex rules that stop me from joining a lot of brokerages that Europeans can join no problem. So just make sure that you have a brokerage supported by your country. After you have a brokerage account you will just want to trade a pair that has GBP in it. The most popular GBP pair being GBP/USD. I would highly recommend you get in now, I got in right before the information regarding the election came out and I am 95 pips up (I only put in $130 USD so my gains are $20 USD but all in all pretty good ROI). If you are residing in the US I personally use the brokerage Oanda. Though if you have a decent income (75k+) I would recommend IG US Edition. I hope this helps, I wasn't totally sure of your question but hopefully this info helps a little bit
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SK cee
SK cee Dec 04, 2019 10:43AM ET
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how do I trade it
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Hermy Johnson
Hermy Johnson Dec 04, 2019 10:43AM ET
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Though I have only been in the forex market officially for 6 months now. I did a lot of training beforehand but it was still a learning curve officially starting.
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