The British pound strengthened against other major currencies in the European session on Friday, after the release of strong retail sales figure in May and the political stability indicated by Andy Burnham's victory in the Makerfield by-election.
Investors considered the possibility of further political unpredictability with Burnham's return to Westminster in addition to the Bank's policy outlook. Speculation over a possible challenge to Prime Minister Keir Starmer's leadership has increased following Burnham's victory.
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