When the British Prime Minister, Theresa May, unexpectedly called a snap general election on April 18, the pound soared on the news, breaking above the $1.28 level for the first time since October. Sterling has since rallied further, hitting an 8-month high of $1.3047 on May 18. The expectations that an early election would give May a landslide victory on June 8 and thus strengthen her negotiating hand as the UK enters difficult divorce talks with the European Union have boosted the pound. (full story)