GBP/USD pulls away from weekly highs, trades sideways near 1.2900

YouGov MRP Poll projects Tory win with a majority of 68 seats
US Dollar Index stays above 98.30 after Wednesday's data dump.
Coming on Friday: Consumer Credit and Net Lending to Individuals data from UK.

Eren Sengezer FXStreet

The GBP/USD pair climbed to its highest level in a week at 1.2951 during the Asian trading hours after the closely-watched YouGov MRP Poll showed that British Prime Minister Boris Johnson's Conservative Party was projected to win the general election with a majority of 68 seats.

With the market action turning subdued due to the Thanksgiving Day holiday in the US on Thursday, the pair retraced its rally and was last seen posting modest losses at 1.2910.

USD looks to end week on strong footing

On Wednesday, in its second estimate, the US Bureau of Economic Analysis revised its Gross Domestic Product (GDP) reading for the third quarter to 2.1% from 1.9%. Other data revealed that Durable Goods Orders, which contracted by 1.4% in September, rebounded in October and rose 0.6%.

Assessing the GDP report, "business fixed investment, which was originally reported to have declined 3.0% during the quarter, was revised to show a drop of 2.7% instead. In addition, there was a bit more inventory investment than reported in the first release,” said Wells Fargo analysts. “The overall story remains one of some slowing in the overall rate of GDP growth over the past year or so.”

Supported by the data, the US Dollar Index advanced to its highest level in more than ten days at 98.44 before going into a consolidation phase above 98.30 on Thursday.

There won't be any other macroeconomic data releases from the US in the remainder of the week. The UK economic docket will feature Consumer Credit and Net Lending to Individuals figures.

Technical levels to watch for

GBP/USD

Overview
Today last price	1.2907
Today Daily Change	0.0001
Today Daily Change %	0.01
Today daily open	1.2906

Trends
Daily SMA20	1.2883
Daily SMA50	1.2701
Daily SMA100	1.2489
Daily SMA200	1.2702

Levels
Previous Daily High	1.2916
Previous Daily Low	1.2827
Previous Weekly High	1.2986
Previous Weekly Low	1.2821
Previous Monthly High	1.3013
Previous Monthly Low	1.2194
Daily Fibonacci 38.2%	1.2882
Daily Fibonacci 61.8%	1.2861
Daily Pivot Point S1	1.285
Daily Pivot Point S2	1.2794
Daily Pivot Point S3	1.2761
Daily Pivot Point R1	1.2939
Daily Pivot Point R2	1.2972
Daily Pivot Point R3	1.3028

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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