Intra-Day Market Moving News and Views
Update Time: 11 Dec 2019 04:30GMT
GBP/USD - 1.3135... The British pound proved quite tricky to trade yesterday as despite initial drop to session lows at 1.3133 in European morning, price gained to 1.3190 on cross-buying in sterling especially vs euro. Renewed buying at 1.3156 in New York morning lifted the pair to an 8-1/2 month peak at 1.3215 on expectation that the Conservatives Party will win Thursday's election with a majority. However, the pair swiftly erased its losses and tumbled to 1.3107 (Reuters) in Australia after YouGov's final poll showed a narrowing lead for the Conservatives.
Cable's selloff from 1.3215 to 1.3107 suggests upmove from September's trough at 1.1959 has made a temporary top there and stronger retracement to 1.3066 would be seen.
Offers are seen at 1.3140/50 and more above at 1.3160/70 with stops building up above there whilst initial bids are noted at 1.3050/60.
In the absence of major economic data from UK, market focus remains on the election on Thursday and with no more polls expected to be released, one should keep an eye on the eur/gbp cross.
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