Sterling rises after Johnson wins majority in UK Parliament

The British pound continued to rally against the US dollar on Friday, after official results of the UK general elections showed that the Conservative Party led by PM Boris Johnson secured the vast majority in Parliament.

According to the official results, the Conservatives secured the majority in Parliament by 358 seats, while the Labour Party only won 203 seats.

Johnson said that he would to Buckingham Palace, to ask Queen Elizabeth II for formal permission to create a new government that would lead the country in exiting from the EU.

Johnson praised the results, and stated that the priority will be to implement the Brexit at the end of January.

Otherwise, commodity and stock markets were buoyed today by the announcement of the US and China reaching the phase one of the trade deal.

GBP/USD rose by 1.3% to 1.3336 as of 19:47 GMT, and hit an intraday high of 1.3515 and a low of 1.3194.