BUY GBPAUD from support in Today’s EU Trading SessionBuy from 1.9057 - 1.9096
Take Profit - Yesterday's HIgh
Stop Loss - Below 1.9057
The standout performer during the Asia-Pacific session was GBP, boosted by the highly anticipated YouGov MRP poll. At the bottom of the pack was once again AUD, as concerns over rising tensions between the US and China weighed on the currency.
YouGov's MRP poll - which correctly predicted the hung parliament in 2017 - has predicted a Conservative majority for the December 12th election. The poll predicts the Conservatives will gain 42 seats for a win of 359 (a majority of 68 seats) while Labour loses 51 seats for a total of 211.
The poll has helped ease this week's earlier concerns that the Conservative's lead was narrowing following the release of Monday's ICM poll and Tuesday's Kantar poll.
Elsewhere, AUD continues to remain pressured as US President Trump signed the Hong Kong bills into law despite strong objection from Beijing.
Beijing stated the bill severely meddles in China's internal affairs, as well as violates international law. Furthermore, China warned that US attempts to interfere in Hong Kong are doomed to fail and that China will take countermeasures with the US to shoulder all consequences if it continues in this way.
With AUD pressured by rising tensions between the US and China and ongoing expectations for additional RBA easing in the months ahead, the bias remains firmly to the downside.
