GBP/USD pops to four-day high after YouGov’s MRP predicts huge Tory lead
|- GBP/USD takes the bids on calls of sustained Conservative leadership.
- YouGov’s MPR, the mother of all poll, projects a majority of 68 seats.
- Cable stood firm against the greenback the previous day amid increasing calls of sustained Tory leadership.
GBP/USD surges to 1.2920 after YouGov’s MRP poll suggests the ruling Tory party will keep the helm of the United Kingdom (UK) with a huge majority. The release came out early Thursday morning in Asia.
The YouGov’s Poll on MRP model is highly respected due to its predictions of the UK election outcome ever since they forecasted a hung parliament in 2017. The poll suggests Conservatives to gain 359 seats against the opposition Labour Party's 211 seat forecast. It also shows that 43% of vote share will be alloted to the ruling Tories versus Jeremy Corbyn-led Labour Party's 32% expected share, which in turn shows 11 point lead of the Prime Minister (PM) Boris Johnson led Conservatives over the Labour Party.
Read: YouGov Poll: MRP model projects a Tory majority of 68 – The Times
The Cable was recently under pressure, before Wednesday, on expectations that the Tory manifesto might weigh on the ruling party’s fame ahead of the December election. Though, the quote managed to rise on the previous day with the Guardian cutting its sources.
Earlier on Wednesday, The Guardian’s journalist Owen Jones cited sources while reporting that British Prime Minister Boris Johnson's Conservatives have a significant majority over the Labour Party in the YouGov’s MRP poll.
Traders will now have a few data to watch during the United States (US) holiday due to Thanksgiving Day while trade/political headlines will keep the market’s alive.
Technical Analysis
Prices need to clear the monthly top of 1.2950 to aim for 1.3000 else calls of pullback to immediate support line around 1.2840 can’t be denied.
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.