Breaking: UK PM Johnson calls for snap election on Dec. 12, GBP/USD slumps to 1.28

British Prime Minister Boris Johnson on Thursday called for a snap election on December 12. "Parliament can study the Brexit bill before a dissolution," Johnson said and added:

"Condition for more time for parliament is that we go for election on December 12. To create a credible deadline there must be a hard stop of an election. It would be morally incredible for Labour to refuse to back an election."

The British Pound continued to weaken against its rivals on this announcement. As of writing, the GBP/USD pair was trading at 1.2805, down 0.87% on the day and the EUR/GBP pair was up 0.64% on the day at 0.8670.