GBPUSD at Fresh Seven-Month High on Election Polls
GBPUSD resumes upward move after a short break on Friday amid general USD strength which helped by strong NFP numbers.
GBPUSD recent strength comes from the latest polls that show the Conservatives leading the race to general elections on December 12th. The lead in the polls is between 8% and 12% suggesting a clear majority which GBPUSD prefers. Traders have a busy week ahead as the focus will turn to Fed and ECB decisions while we are approaching the December 15th deadline on additional tariffs by the US administration to Chinese imports.
GBPUSD trades 0.24% higher at 1.3162 making fresh seven-month highs as the bullish momentum shrugs off any disappointing macro news. close to daily high and makes new monthly highs as the short term outlook is bullish for the pair.
The pair will face the resistance at 1.3180 the daily high (and seven-month high). A settlement above that level today, will open the way for a move up to 1.3254 the March 3rd high. Searching for the next hurdle to the upside I can see the resistance at 1.3381 the high from May 10th.
On the other side, immediate support for GBPUSD stands at 1.3129 the daily low and then at 1.3093 the 200-week moving average. Further support will be met at the 100-week moving average at 1.3043.More content