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Pound Slides On Narrowing U.K. Polls

Dear Traders,

The British pound came under increased selling pressure this morning after a poll showed U.K. Prime Minster Theresa May is losing ground ahead of next month’s election. Recently, the gap between Conservatives and Labour has narrowed, putting May’s Conservatives on 43 percent with Labour on 38 percent. The U.K. general election is scheduled to take place on 8 June 2017.

GBP/USD

The pound depreciated against the U.S. dollar and slid towards 1.2865. From a technical perspective, the cable broke below the recent uptrend channel but may find some halt around 1.2850 now. Below 1.2830 however, it could extend its slide towards the crucial support area between 1.2780 – 1.2750. On the topside, we see current resistances at 1.2980 and 1.3080.

The euro traded little changed on Thursday and remained within a small trading range between 1.1250 – 1.1185. We will pay attention to a sustained break below 1.1160, a level that proved to be an important support in short-term time frames. On the upside, any bullish movements might be limited until 1.1240.

Traders will be watching the U.S. GDP data release at 12:30 UTC. The GDP report is considered a high importance event for dollar traders and in case of any disappointment the greenback may struggle to find a bottom.

We wish you good trades for today and a beautiful weekend.

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