BUY GBPINR FUT 83.00-83.10 TGT 83.50 SL 82.85.
Pound sterling is trading at 1.2818, rebounding from the levels of 1.2788. Cable traded weaker in most of the session yesterday after a opinion polls showed a tightened battle ahead of the June 8 snap election and investors noted the campaign to date was closer than expected. The race has tightened after Manchester bombing and a U-turn over social care plans.
A couple of weeks ago series of surveys has showed that PM May was on course for a landslide parliamentary majority in June 8 general elections which she called to strengthen her hand for Brexit talks. Bu ther Conservative Party remained on 43 percent according to a survey conducted by Survation showed their lead drop as support for Labour rose 3 perceage points to 37 percent.
But a recent poll from British Polling Council’s President said that “Theresa May iscertainly the over whelming favourite to win but crucially we are in the territory now where how well she is going to win is uncertain”. Yesterday there were no major economic reports from UK’s economy and even today UK’s economic calendar will remain light. With getting close to the snap election on 8th of June, expect Pound to remain underpressure and head towards the levels of 1.2550 levels.
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