Fall on the more narrow earlier polls is being retraced
The GBPUSD has moved to a new session /day high and is recouping most of the losses after the fall on the latest YouGov poll. That poll at the end/start of the new trading day which showed the forecast majority for the Conservative Party dropping under 30 seats and the 'margin of error' in the poll flagging that a hung parliament is a possibility.
That took the price to the session low in the 1st hour of trading today, but the 1.3100 level did hold support. The low today reached 1.31046.
In the London session, the price traded above and below its 100 hour moving average at 1.3149. The move to new highs has moved away from that moving average level and looks toward the:
- underside of the broken trend line from the tumble lower today at 1.31793.
- Above that, and traders will look toward the 1.3200 level.
- The high from yesterday moved above a topside trend line on the way to 1.32146. That was the highest level since March 17.
The 100 hour MA is now a close intraday risk level. Move back below would muddy the waters intraday.
Of course the election tomorrow is a huge event for the pair today. Any rumblings has the potential to rock the boat in the pair.
