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Forex News: Pound Higher As Lead For Tory Soars In

Pound Higher As Lead For Tory Soars In Opinion Polls

11/18/2019 - 05:51:00 (RTTNews)

(RTTNews) - The pound gained ground against its major counterparts in the early European session on Monday, as latest opinion polls showed a growing lead for the Conservative party over Labour ahead of the general election on December 12.

The YouGov poll for the Sunday Times showed a 17 point lead to the Tories, rising by 45 percent, while support for Labour remained at 28 percent.

Deltapoll survey for the Mail on Sunday gave the Conservatives a 15-point lead, at 45 percent, against 30 percent for Labour.

The polls suggested that the Tories were maintaining a solid lead, enough to attain a Commons majority in the election.

Johnson, Labour leader Jeremy Corbyn and Liberal Democrat leader Jo Swinson will be speaking at the Confederation of British Industry annual conference today.

Investors are also awaiting more developments on U.S.-China trade negotiations.

According to a report in Chinese media, U.S. and China had "constructive discussions" regarding a phase-one trade deal in a high-level phone call.

The currency has trading higher against its major counterparts in the previous session, except the euro.

The pound appreciated to 0.8522 against the euro, its highest since May 6. The next key resistance for the pound is likely seen around the 0.84 level.

The pound firmed to near a 4-week high of 1.2985 against the greenback from Friday's closing value of 1.2898. The pound is seen finding resistance around the 1.32 level.

The U.K. currency rallied to 141.57 against the yen, its biggest since May 20. Next key resistance for the pound is possibly seen around the 145.00 level.

The pound strengthened to near a 5-week high of 1.2861 against the franc, compared to last week's closing value of 1.2763. On the upside, 1.30 is likely seen as the next resistance level for the pound.

Looking ahead, U.S. NAHB housing market index for November is due in the New York session.

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