🔮 Better than the Oracle? Our Fair Value found this +42% bagger 5 months before Buffett bought itRead More

Forex - GBP/USD rises as poll shows Lib Dem support waning

Published 05/05/2010, 03:20 AM
GBP/USD
-
GBP/EUR
-
Investing.com – The pound rose slightly against the U.S. dollar on Wednesday, erasing some of its recent losses as an opinion poll showed support for the Liberal Democrat party waning ahead of Thursday's general election.

GBP/USD gained 0.1% to hit 1.5158 during early European trade, after clawing back up from the 1-month low it hit on Tuesday at 1.509. Cable was likely to find at 1.5523, the high of April 15, and support at 1.4974, the low of March 30.

Wednesday's YouGov/Sun poll put the Tories unchanged on 35%, Labour up two points on 30% and the Liberal Democrats down four points on 24%. The pound has been hurt in recent weeks amid growing uncertainty over the results of the upcoming vote in the wake of a surge in support for the Lib Dems, who have made a two-horse race into a three-way contest.

Sterling also jumped to an 8-month high versus the euro, meanwhile, with GBP/EUR slumping 0.28% to hit 0.8551, its lowest since August last year.

Later in the day, the market research firm Markit was set to publish a report on Britain's construction sector. The payroll processing firm ADP was also due on Wednesday to publish key data on U.S. nonfarm employment change.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.