GBP/USD finds buyers just ahead of 1.2900, latest election model ignored?
The latest opinion poll by YouGov appears to have little impact on the pound, leaving GBP/USD modestly flat around 1.2915 levels.
GBP/USD: Focus shifts to US data
The major manages to remain supported above 1.29 handle, despite the latest YouGov opinion model on the UK election showed that Conservatives are likely to fall 22 seats short of majority, when the Britons go to vote on June 8th.
Over the last hours, cable is seen consolidating its sharp drop from 1.2950 to 1.2906, which was fuelled by a renewed risk-off wave, after the European stocks opened on a negative note.
However, the spot looks vulnerable and a break below 1.29 handle could pave the way for a fresh sell-off, as the UK election jitters continue to undermine the sentiment behind the GBP.
Meanwhile, markets now await the US JOLTS job openings and IBD/TIPP Economic Optimism data for fresh trading impetus in the session ahead.
GBP/USD Levels to consider
Slobodan Drvenica at Windsor Brokers Ltd noted: “Firm break above 1.2940/50 zone would open way towards 1.2981 (Fibo 76.4%) and psychological 1.3000 barrier. However, the pair has been recently driven mainly by politics and focus is on UK election on Thursday, results of which will give clearer direction signals. Res: 1.2949; 1.2981; 1.3014; 1.3047 Sup: 1.2890; 1.2853; 1.2829; 1.2800.”