The pound erased gains against the dollar and the euro on Tuesday ahead of a statement by British Prime Minister Theresa May due to take place at 10.15 GMT amid speculation that she will call an early election.
GBP/USD was down 0.33% by 09.22 GMT after going as high as 1.2607 earlier in the session, the most since March 27.
The pound had risen against the broadly weaker dollar and the euro earlier as ongoing geopolitical tensions continued to weigh on market sentiment.
Investors remained wary as trade talks between the U.S. and Japan got underway on Tuesday, while worries over North Korea, which has vowed to conduct more missile tests following Sunday’s failed missile launch also weighed.
EUR/GBP climbed 0.47% to 0.8508, rebounding from the two-month low of 0.8449 set earlier in the day.
Investors were continuing to monitor political developments ahead of the upcoming French presidential elections as the race tightened after a surge in polls for far-left candidate Jean-Luc Melenchon, who wants a referendum on the country’s European Union membership.
Investors have long since been anxious about front runner Marine Le Pen, leader of the far-right National Front party, who also wants to put the country’s EU membership to a vote and abandon the euro.
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