The pound remains perky after the YouGov MRP poll forecast a significant majority for Boris Johnson's Conservatives
Although the poll is seen as quite an important one ahead of the 12 December election, I reckon it would have been better for pound traders - those in search of a meaningful trend - if the result was a hung parliament instead.
As I have mentioned over the last few days, the issue with opinion polls is that they can be interpreted as what you will and this case is no different.
Now that the poll is out of the way, people are latching on to the possible issues with the methodology and history rather than the result itself. A key issue is that there is no other sample size for the YouGov MRP poll besides the 2017 election.
And let's face it, one is not a sample size of anything whatsoever.
The fact that we're seeing other opinion polls start to show a narrowing lead for the Conservatives is the more worrying part. If that keeps up over the next two weeks, expect that sentiment to overshadow what we're seeing in the poll here.
Cable may be looking perky for now as buyers maintain near-term control above the 200-hour MA (blue line) and are looking towards another test of 1.2950 before the swing region resistance around 1.2970-85.
However, at this stage, unless other opinion polls also start to revert back to a healthy lead for Boris Johnson, I don't see how this will all lead to a sustainable break above 1.3000.
There's still too much uncertainty still at play over the next two weeks.
