On Monday, the pound rose amid expectations that the conservative party would win the upcoming elections and Britain would leave the European Union, as planned. British Prime Minister Boris Johnson has promised to hold the Brexit deal in parliament before Christmas. The Conservative Party leads the polls before the December 12th election.
By 10:00 London time, the GBPUSD pair rose by 0.4% to 1.2883, while the EURGBP pair fell by 0.4% to 0.8553. The EURUSD pair remained at 1.1020 after the publication of the German Ifo index, which showed that business confidence in Germany increased this month and the Eurozone’s largest economy avoided a recession. The Ifo business sentiment index rose to 95.0 from 94.7 in October, but the Munich Institute warned that Germany’s manufacturing sector is still in recession.