Pound shows 1-month lows amid British political jitters

Pound shows 1-month lows amid British political jitters

On Wednesday, the British pound sagged versus the greenback, re-approaching a one-month minimum after the publication of dismal British data and amid ascending political uncertainty in the United Kingdom ahead of the June 8 election.

During European morning trade the currency pair GBP/USD showed 1.2780, which is the pair’s lowest outcome since May 26.

Cable was about to acquire support at 1.2772, which is the minimum of May 26 as well as resistance at 1.2890, which is Tuesday’s peak.

Data disclosed that in April, British net lending to individuals edged down to £4.3 billion from £4.7 billion last month, compared to hopes for a sag to £4.5 billion.

The British pound had already declined after a fresh survey unveiled that British Prime Minister Theresa May's Conservative Party could be deprived of 20 of the 330 seats it holds in Parliament, while the opposition Labor Party could acquire up to 30 seats.

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