Pound makes further strides after latest polls

Dec 4, 2019

The pound pushed to some fresh highs this morning as opinion polls continue to show a sizable lead for the Tories.

The latest survey from Kantar showed a lead of around 12% points for Boris. This supports the Pound because it creates less uncertainty and a clear path over Brexit, alongside more centre ground market-friendly policies.

As a result, the GBP/USD finally broke above a key technical resistance level and now trades at the highest levels since May. The GBP/EUR has also broken a cent higher from Monday and now trades at the highest levels since May. It’s important to note that it’s not far from some of the highest levels for around 30-months.

We’re now only a week away from the 12th December poll and with the polls starting be more consistent, the market are realigning themselves by buying back into the Pound. Obviously polls can be wrong and there’s still time for things to change but bets are moving this way at the moment.