Sterling rises against dollar on eve of UK election

British pound rose today, ahead of the UK early general election launch, which was requested by British PM Boris Johnson and the House of Commons approved it.

Latest opinion polls showed that Johnson's Conservative Party is the most favourable to bag a parliamentary majority over the Labour Party, which indicates a potential UK exit from the EU at the end of January.

Johnson previously said that if his party won the majority in the December 12 election, Brexit would be implemented in time, which will end the lingering uncertainty that dominated British circles since the Brexit referendum in mid-2016.

Should Jeremy Corbyn's Labour Party win the majority, the uncertainty will increase as the party wants to negotiate a better deal with Brussels, to avoid repercussions of a bad Brexit deal.

As for trading, GBP/USD rose 0.4% to 1.3207 as of 20:51 GMT, the pair hit a high of 1.3214 and a low of 1.3108.