GBP/USD has risen above 1.30, trading at the highest levels since mid-October. It is only several pips away from that peak – 1.3013 – which was the highest since May. After the initial move, sterling is retreating just under the round number.
Favorable opinion polls for Prime Minister Boris Johnson and USD weakness stemming from disappointing data are behind the move. Investors prefer a Conservative majority, which would ratify the PM's Brexit accord and enact market-friendly policies. Markets fear Labour leader Jeremy Corbyn's nationalization plans.
The US dollar has been on the back foot after weak ISM Manufacturing Purchasing Managers' Index missed with 48.1 points on Monday.
Resistance awaits at 1.3045, 1.3080, and 1.3130. Support is at November's high of 1.0985 and then at 1.0950.
President Donald Trump is visiting the UK today and said that even if Britain would have offered the National Health Service (NHS) on a platter he would not take it. The NHS is one of the hot topics of the elections, alongside Brexit and crime.
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