Sterling hits 19-month peak after Conservatives secured historic election win

The British pound rallied on Friday against a basket of currencies, jumping more than 2.5% against the US dollar, to a 19-month high, after official results of the UK general elections showed that the Conservative Party led by PM Boris Johnson secured the vast in Parliament, paving the way for the UK's exit from the EU on January 31.

GBP/USD surged by 2.8% to $1.3514 (the highest since May 18, 2018), after opening at $1.3146, and hit an intraday low of $1.3146.

The pound fell by 0.3% against the dollar yesterday, the first loss in the 4 days, due to risk-aversion in British pound ahead of the election results.

The Conservative Party led by PM Boris Johnson won the overwhelming majority in the snap elections in Britain yesterday, paving the way for the UK to exit the EU on January 31.

According to the official results, the Conservatives won 328 of the 650 seats in the British Parliament, the majority in Parliament, which is expected to end the political deadlock that delayed the Brexit for so long.