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The pound quickly moved up as soon as it became known that the Conservatives are not just winning, but also increasing their presence in the House of Commons. At the same time, Boris Johnson can now not only celebrate the victory, but boldly call himself one of the most successful leaders of the Conservative party of recent decades. After all, his party not only improved its result, but received a confident majority. At the time of writing this review, the vote count has not yet ended, but the Conservatives already have 360 seats, while 326 seats are needed for the majority. In other words, no one will be able to prevent Boris Johnson from realizing his Brexit plan, as the Conservatives no longer need to seek the support of other parties since they can pass any laws alone. Indeed, this is a triumph, and in this situation, the growth of the pound is not surprising.
Although emotions overwhelm investors, it seems that the pound has exhausted its growth potential. The UK economy is not in very good condition, and everyone is well aware that Brexit will inevitably have a negative impact on it. Therefore, the euphoria will gradually come to nothing, and investors will have to take into account the real state of things. The only thing that can please is that at least it is clear how events will develop in the future. Apparently, Boris Johnson will still be able to fulfill his promise, and complete the protracted epic with Brexit with at least some clarity. However, it's obvious that you need to wait for the rebound, and the reason for it may be today's data on retail sales in the United States. The growth rate of which should accelerate from 3.1% to 3.4%.
Retail Sales (United States):
From a technical point of view, the pound has reached its peak over the past year and a half, and its growth has stopped. The support level is at 1.3300. The movement in this direction will be slow and progressive, and the first level is 1.3450, then 1.3400.
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