GBP/USD eyes post-NFP highs, a Trump win on the cards

The buying interest behind the GBP/USD pair has grown multifold, in response to a potential Trump win induced sell-off in the US dollar most of its major peers. The USD index tanks -1.60% to fresh 4-week lows of 96.13.

Risk sentiment remains under heavy pressure as markets fear a Trump presidency, although the GBP emerges the winner as it is now seen as more of a funding currency in times of market unrest and panic, as compared to a risk-on currency seen previously.

The latest exit polls show Trump wins North Carolina, while the FiveThirtyEight model now shows a 61% chance of winning the election. The NYTimes model shows a 94% chance of a Trump victory.

GBP/USD: Technical levels:

Key Resistances: 1.2559 (post-NFP high), 1.2626 (Flash crash high), 1.2700 (round figure)

Key Supports: 1.2355 (Daily low), 1.2300 (zero figure), 1.2218 (Nov low)