Pound to $1.35?
Fiona Cincotta December 9, 2019 8:11 AM
Pound extends gains as Tories cement lead ahead of Thursday's election.
Sterling is bounding higher as Boris Johnson maintains a healthy lead in the polls in the last few days heading towards the elections. The latest data showing voters intentions puts Boris Johnson with a double-digit lead of 11.9 points ahead of Labour’s Jeremy Corbyn.
On the other side of the equation, the dollar is easing after surging on Friday post NFP. 266,000 jobs wee created, smashing forecasts of 180,000. The strong labour market has cemented beliefs that the Fed will stay pat on rates in its policy announcement this week.
Level to watch
The pound is trading above its 200, 100 and 50 sma, in bullish trading. The RSI has also dropped back below 70 in another strong sign for pound bulls.
Resistance can be seen at $1.3181, prior to $1.3265, from March, before $1.3380, 2019’s high. On the downside support is identified at $1.31 prior to $1.3050 and $1.2985, November’s peak.
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