Breaking: GBP/USD jumps over 1.29 as Brexit Party abandons 43 additional seats, assisting Conservatives

Yohay Elam FXStreet

Nigel Farage's Brexit Party has decided to step down from 43 additional constituencies where Labour won, facilitating the way for a Conservative majority. Markets prefer an outright Tory majority that will ratify the Brexit deal and enact market-friendly policies.

The final lists for the elections have been published, and they have shown that Farage's right-wing outfit has abandoned seats where the opposition party won in 2017, or at least where the Conservative Party came second. Prime Minister Boris Johnson's odds of winning seem to have increased.

GBP/USD has jumped above 1.29, the highest since early November. On its way up, sterling has broken above the downtrend resistance line that has accompanied it since late October. The next targets are 1.2950, 1.2980, and 1.3013. Support awaits at 1.29, 1.2820, and 1.2760. Momentum on the four-hour chart remains to the upside and the pound has previously broken above the 50, 100, and 200 Simple Moving Averages.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

EUR/USD remains offered below 1.1600, seems vulnerable near multi-month low

The EUR/USD pair struggles to capitalize on the overnight bounce from the 1.1530 region, or the lowest level since November 2025, and lower for the third consecutive day on Wednesday. Spot prices slide back below the 1.1600 mark during the Asian session and seem vulnerable to slide further.

GBP/USD slips below key averages as geopolitical risks mount

GBP/USD fell about 0.35% on Tuesday, settling around 1.3350 after slipping below the 200-day Exponential Moving Average for the first time since early December. The pair has pulled back sharply from its late-January high near 1.3870, shedding over 500 pips in a series of lower highs and lower lows.

Gold rebounds ahead of US ADP, will it last?

Gold finds renewed Asian bids and retests $5,230 early Wednesday after the heavy sell-off on Tuesday. The US Dollar stands tall amid escalating Middle East tensions and reduced dovish Fed expectations. Gold defends $5,000 or 50% Fibo level after facing rejection at the 78.6% Fibo resistance at $5,342 amid bullish RSI.