GBP/USD pops to four-day high after YouGov’s MRP predicts huge Tory lead

GBP/USD takes the bids on calls of sustained Conservative leadership.
YouGov’s MPR, the mother of all poll, projects a majority of 68 seats.
Cable stood firm against the greenback the previous day amid increasing calls of sustained Tory leadership.

Anil Panchal FXStreet

GBP/USD surges to 1.2920 after YouGov’s MRP poll suggests the ruling Tory party will keep the helm of the United Kingdom (UK) with a huge majority. The release came out early Thursday morning in Asia.

The YouGov’s Poll on MRP model is highly respected due to its predictions of the UK election outcome ever since they forecasted a hung parliament in 2017. The poll suggests Conservatives to gain 359 seats against the opposition Labour Party's 211 seat forecast. It also shows that 43% of vote share will be alloted to the ruling Tories versus Jeremy Corbyn-led Labour Party's 32% expected share, which in turn shows 11 point lead of the Prime Minister (PM) Boris Johnson led Conservatives over the Labour Party.

Read: YouGov Poll: MRP model projects a Tory majority of 68 – The Times

The Cable was recently under pressure, before Wednesday, on expectations that the Tory manifesto might weigh on the ruling party’s fame ahead of the December election. Though, the quote managed to rise on the previous day with the Guardian cutting its sources.

Earlier on Wednesday, The Guardian’s journalist Owen Jones cited sources while reporting that British Prime Minister Boris Johnson's Conservatives have a significant majority over the Labour Party in the YouGov’s MRP poll.

Traders will now have a few data to watch during the United States (US) holiday due to Thanksgiving Day while trade/political headlines will keep the market’s alive.

Technical Analysis

Prices need to clear the monthly top of 1.2950 to aim for 1.3000 else calls of pullback to immediate support line around 1.2840 can’t be denied.

additional important levels

Overview
Today last price	1.2922
Today Daily Change	58
Today Daily Change %	0.45%
Today daily open	1.2864

Trends
Daily SMA20	1.2882
Daily SMA50	1.2692
Daily SMA100	1.2485
Daily SMA200	1.2703

Levels
Previous Daily High	1.2908
Previous Daily Low	1.2835
Previous Weekly High	1.2986
Previous Weekly Low	1.2821
Previous Monthly High	1.3013
Previous Monthly Low	1.2194
Daily Fibonacci 38.2%	1.2863
Daily Fibonacci 61.8%	1.288
Daily Pivot Point S1	1.283
Daily Pivot Point S2	1.2795
Daily Pivot Point S3	1.2756
Daily Pivot Point R1	1.2903
Daily Pivot Point R2	1.2943
Daily Pivot Point R3	1.2977

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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