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Judged by the last three British elections, the pound may suffer a little more during the wait for a vote and then rebound.
For two of the past three elections, the pound fell, and it's fallen again before a possible December vote, with 1.2300 a possible end point for pre-election trade this year nL2N27A08K.
The pound has fallen 10% in the past 21 months; it fell 15% in the nine months before the 2015 election and 11% in the eight months before the 2010 vote.
If cable reaches 1.2300, losses would be 14% before any vote this year.
Both 2010 and 2015 saw GBP/USD rebound, though it was trounced in the immediate reaction to 2010's outcome.
Before all three elections, traders were short pounds, but they are shorter today than in 2010 or 2015.
In 2010 and 2015 GBP/USD rallied 17% and 9% post-election.
In 2017, GBP rallied both before and after the vote.
It's up 7% in the past month.