- The latest UK election poll showed increasing support for Conservatives.
- A subdued USD demand remained supportive of the positive momentum.
The GBP/USD pair jumped to six-week tops in the last hour, with bulls now looking to extend the momentum further towards reclaiming the key 1.30 psychological mark.
The pair added to the previous session's intraday uptick and the buying interest picked some additional pace during the early European session on Tuesday in reaction to the latest UK election poll.
Focus remains on UK politics
A survey conducted by Kantar showed this Tuesday that support for Prime Minister Boris Johnson’s Conservatives rose by 1 point to 44%, widening the gap over the Labor Party to 12 points.
Going into next week's general election, the general lead in favour of the Conservatives was seen as one of the key factors underpinning the sterling and driving the pair higher on Tuesday.
This coupled with a subdued US dollar demand, weighed down by persistent trade uncertainties and Monday’s disappointing US ISM Manufacturing PMI, remained supportive.
With the UK political headlines turning out to be an exclusive driver of the pair’s momentum, Tuesday’s release of the UK Construction PMI is unlikely to provide any meaningful impetus.
Technical levels to watch
|Today last price||1.2988|
|Today Daily Change||0.0039|
|Today Daily Change %||0.30|
|Today daily open||1.2949|
|Previous Daily High||1.295|
|Previous Daily Low||1.2896|
|Previous Weekly High||1.2952|
|Previous Weekly Low||1.2827|
|Previous Monthly High||1.2986|
|Previous Monthly Low||1.2769|
|Daily Fibonacci 38.2%||1.2929|
|Daily Fibonacci 61.8%||1.2917|
|Daily Pivot Point S1||1.2913|
|Daily Pivot Point S2||1.2878|
|Daily Pivot Point S3||1.2859|
|Daily Pivot Point R1||1.2967|
|Daily Pivot Point R2||1.2986|
|Daily Pivot Point R3||1.3021|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.