BTMU FX Strategy Research notes that GBP sentiment has taken a notable turn for the worse on the emerging evidence in opinion polls that Jeremy Corbyn and the Labour Party are making significant inroads into the Conservatives’ lead on June-8 elections.
“GBP/USD jumped from 1.2500 on the snap election announcement on the assumption it would give PM May a strong Brexit mandate. If that is placed in further doubt, a retracement back to that level is feasible.
Risks are clearly to the downside for the pound over the short-term. There will be a deluge of opinion polls in the weekend press and whether we see signs of the opinion poll gap stabilising will determine direction in the run up to next Thursday’s election,” BTMU argues.
GBP/USD is trading circa 1.2838 as of writing.
Source: BTMU Research
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