GBP/USD rallies to six-week tops, back closer to 1.30 handle

The latest UK election poll showed increasing support for Conservatives.
A subdued USD demand remained supportive of the positive momentum.

Haresh Menghani FXStreet

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

GBP/USD

Overview
Today last price	1.2988
Today Daily Change	0.0039
Today Daily Change %	0.30
Today daily open	1.2949

Trends
Daily SMA20	1.2885
Daily SMA50	1.2728
Daily SMA100	1.2501
Daily SMA200	1.27

Levels
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

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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