GBP/JPY: Mixed polls keep traders guessing ahead of the UK election

GBP/JPY extends the previous day’s losses while being near to Tuesday’s multi-month top.
UK election polls support Tory victory but the lead over opposition Labour Party seems to raise alarms.
All eyes on the British election and trade headlines.

Anil Panchal FXStreet

GBP/JPY drops to 143.25 amid Thursday’s initial Asian session. The quote has been volatile off-late as the United Kingdom (UK) is a few hours away from the key general election.

Recent poll results from Savanta/ComRes surprised markets by showing only five-point lead of the ruling Conservatives over the opposition Labour Party. Even so, majority of the top-tier forecasters, like YouGov, Kantar and Opinium, show near 10 points’ lead of the Tories. It’s worth mentioning that the threat of a hung parliament is also alive as recent polls have shown a receding the majority of the Prime Minister (PM) Boris Johnson-led Conservatives.

Elsewhere, uncertainty surrounding the phase-one deal between the United States (US) and China keeps the risk tone heavy. The latest headlines from China’s Global Times suggest further grinding with CNBC conveying the dragon nation’s demand for December 15 tariff removal for further talks. However, Reuters relied on sources while saying that US President Donald Trump will today meet the top trade advisers to discuss the tariffs that are still on cards to be levied on December 15.

With this, the US 10-year treasury yields remain around the weekly low of 1.79% while S&P 500 Futures turns negative to 3,143.

Today’s UK election becomes the key for the Brexit proceedings as it was the PM’s aim to get Parliamentary majority behind taking this political stunt. If he fails, the future of dealing with the European Union (EU), not to forget the Brexit itself, will be in the danger. The British voting begins from 07:00 GMT and closes at 22:00 GMT on Thursday. The top broadcasters will roll out their exit polls as soon as the voting ends.

Technical Analysis

The lower high formation since the last three days drags the quote slowly towards a three-week-old rising trend line around 142.00. Though, an upside clearance of the monthly high, close to 143.70, also crossing the late-March low near 143.82, can propel the Bulls towards 145.00.

Additional important levels

Overview
Today last price	143.28
Today Daily Change	-0.18
Today Daily Change %	-0.13%
Today daily open	143.46

Trends
Daily SMA20	141.15
Daily SMA50	139.21
Daily SMA100	135.24
Daily SMA200	138.23

Levels
Previous Daily High	143.67
Previous Daily Low	142.61
Previous Weekly High	143.26
Previous Weekly Low	140.83
Previous Monthly High	141.86
Previous Monthly Low	139.32
Daily Fibonacci 38.2%	143.26
Daily Fibonacci 61.8%	143.01
Daily Pivot Point S1	142.82
Daily Pivot Point S2	142.19
Daily Pivot Point S3	141.76
Daily Pivot Point R1	143.88
Daily Pivot Point R2	144.3
Daily Pivot Point R3	144.94

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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