GBP/USD is near flat levels on the day back above 1.2860 now
The pound continues to stay choppy in trading this week as there is still a lot of indecision and uncertainty surrounding the election in two weeks' time. The quid eased in early trades but is finding some bids at the moment as cable rebounds from a low of 1.2827 to 1.2860.
Price did lean on the near-term trendline support near 1.2835 earlier but in general it is hard to try and pick at any technical levels in the pair when pound traders appear to be extremely fickle-minded at the moment.
Looking ahead, the dollar will be in focus first later on today with a slew of US data to follow so just be mindful of that.
The risk for sellers at this stage will be a move back up to test the 100-hour MA (red line) @ 1.2879. After that, there is the near-term trendline resistance resting close to 1.2890.
In any case, the good news for pound traders is that perhaps they may get some help with the election indecision later today. YouGov is set to release their MRP poll at 2200 GMT and all eyes are waiting on that at the moment.
If the forecast is for yet another hung parliament, expect the pound to stay pressured going into polling day. On the flip side, a Conservatives majority will likely see the pound stay underpinned but I reckon 1.3000 is still a tall order for cable in the short-term.
