GBP/USD rises above 1.2900 on expectations of a Tory majority

Pound rises across the board amid expectations of a large Tory majority.
Cable test levels above a critical short-term resistance as it rebounds from strong support.

Matías Salord FXStreet

The GBP/USD pair broke a multi-hour range, climbing to 1.2912, the highest intraday level since last Friday. Near the end of a quiet session, it remains near the top testing the 1.2910 resistance area.

Pound up on fresh polls

The next YouGov poll for the December elections in the United Kingdom will be released at 22:00 GMT. According to a reporter, Prime Minister Boris Johnson's Conservatives have a significant majority over the Labour Party. Those comments triggered some moves on a quiet market ahead of US holidays. The sterling gained ground and pushed GBP/USD to the upside.

A positive mood in financial markets also offered support to the pair. Regarding the US dollar, it lost momentum over the last hours, erasing the gains that followed the release of US economic data. Initially, Treasury yields jumped but then pulled back, weakening the greenback.

More gains ahead?

The GBP/USD is trading around 12.2900/10, a break higher could signal further gains ahead in the short-term if a double bottom formation near 1.2820 is confirmed, being 1.2910 the neckline.

Another positive signal is that it is rebounding from a strong support level. On a wider perspective, the pair continues to move sideways between the mentioned support and the 1.3000 zone. So if the rebound goes on, a test of 1.3000 soon, should not be ruled out.

GBP/USD

Overview
Today last price	1.2905
Today Daily Change	0.0041
Today Daily Change %	0.32
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

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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