GBPUSD drop below 1.3100 will intensify downside momentum
The latest voting intentions overnight highlighted a narrowing lead for the Conservative party and that has kept the pound lower since. Cable fell sharply after touching 1.32 for the first time since March and is staying weaker at the start of European trading today.
As mentioned yesterday, the only thing that the opinion polls have right is that they are all wrong. The large spread on the lead that the Tories hold are a telltale sign that the voting intentions laid out know no better than any of us going into the election tomorrow.
For all the pre-election talk, it could still end up being a close one or a sweeping victory for Boris Johnson. But we'll know more once we get a good look and feel on sentiment on the ground come voting day tomorrow.
Looking at the near-term price action for cable now.
Price is easing back towards the move lower from overnight trading, with the low then sitting at 1.3108. The 1.3100 handle will be the key spot to watch out for as a drop below that may precipitate a move towards testing the 200-hour MA (blue line) @ 1.3066.
Nothing else really matters now for the pound. It's all about what happens tomorrow.
As mentioned yesterday, the only thing that the opinion polls have right is that they are all wrong. The large spread on the lead that the Tories hold are a telltale sign that the voting intentions laid out know no better than any of us going into the election tomorrow.
For all the pre-election talk, it could still end up being a close one or a sweeping victory for Boris Johnson. But we'll know more once we get a good look and feel on sentiment on the ground come voting day tomorrow.
Looking at the near-term price action for cable now.
Price is easing back towards the move lower from overnight trading, with the low then sitting at 1.3108. The 1.3100 handle will be the key spot to watch out for as a drop below that may precipitate a move towards testing the 200-hour MA (blue line) @ 1.3066.
Nothing else really matters now for the pound. It's all about what happens tomorrow.
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