UK election: Poll shows Conservatives hold the top spot – GBP/USD Positive

Anil Panchal FXStreet

The latest poll results from the UKpolling report, comprising key surveys done through the middle of the last week, show the Conservatives keep being the favorites of the British voters. The outcome could be attributed to the Brexit party’s favor for the Tories, by taking down candidates, which in turn shows another negative sign to the opposition Labour party that recently got an additional bad news with the Brexit Party taking down more 45 candidates, in addition to the previous 317, where the Labours won last time.

It’s worth mentioning that the earlier signs of a Conservatives’ lead being narrowed seem to fade for now.

YouGov/Sunday Times – Conservatives 45% (+3), Labour 28% (no change), Liberal Democrats 15% (no change), Brexit 4% (unchanged).

Survation – Conservatives 42%, Labour 28%, Liberal Democrats 13%, Brexit 5%.

SavantaComRes/S Telegraph – Conservatives 41% (+1), Labour 33% (+3), Liberal Democrats 14% (-2), Brexit 5% (-2).

Opinium/Observer – Conservatives 44% (+3), Labour 28% (-1), Liberal Democrats 14% (-1), Brexit 6% (no change).

BMG/Independent – Conservatives 37% (no change), Labour 29% (no change), Liberal Democrats 16% (no change), Brexit 9% (no change).

Deltapoll/Mail on Sunday – Conservatives 45% (+4), Labour 30% (+1), Liberal Democrats 11% (-5), Brexit 6% (no change).

FX implications

With the polls showing a positive outlook of the British voters towards the Conservative remaining unchanged, the latest step back of the Brexit party from additional seats seems to strengthen the odds of the Tory leadership in the December election. The same, in turn, reduces the Brexit uncertainty, for now, while also indicating further improvement in the GBP/USD pair that trades around 1.2920 by the press time of the week’s Asian session start. It should also be noted that the cable witnessed an upside gap of 15 basis points (bps) from Friday’s close.

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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