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.
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.
