Start
trading

Main >
Analytics
>
Fresh forecast
>
Forex Fundamental Analysis
>
UK election on Thursday could bring a new round of volatility

UK election on Thursday could bring a new round of volatility | 04 July 2024

04 July 2024, GBP/USD

UK election on Thursday could bring a new round of volatility

Event to pay attention to today:

GBP - Parliamentary Elections

GBPUSD:

The pound/dollar exchange rate continued its short-term recovery on Wednesday, with a general softening of US economic data in the mid-week market session providing support. The upcoming UK election on Thursday will attract a great deal of attention from traders, while US markets will be focused on the anticipation of a day off on Thursday.

The US employment change from ADP fell to 150k in June, down from the previous month's 157k and below the projected increase to 160k. A closer examination of the ADP report revealed that many of the jobs that had already been lost were concentrated in the low-paying leisure and hospitality sectors.

The number of individuals filing initial jobless claims in the United States for the week ending 28 June increased to 238,000 from 233,000 the previous week, exceeding the projected figure of 235,000. The four-week average of initial jobless claims also rose to 238,500 from 236,250.

The US ISM Services Purchasing Managers' Index (PMI) declined sharply in June, reaching its lowest level since June 2020. The services PMI fell from the previous month to 53.8, exceeding forecasts for a decline to 52.5.

On Thursday, US markets will be closed due to US Independence Day celebrations, while parliamentary elections will begin in the UK. The Labour Party in the UK is expected to secure a majority in government, marking the end of the Conservatives' 14-year rule. According to the latest mega poll released on Wednesday, Labour is expected to be well ahead of the Conservatives, with Keir Starmer, the Labour Party's candidate, expected to replace Rishi Sunak, the current Conservative Prime Minister. A poll conducted by YouGov indicates that Labour is projected to win 431 seats, while the Tories are expected to win just 102 seats.

Trading recommendation: We follow the level of 1.2770, if we consolidate above, we take Buy positions, if we rebound, we take Sell positions.

Up to $20 for each lot in real money - get a guaranteed income by connecting Cashback promotion!

David Johnson
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in

Show password

Hide password

 Forgot password?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company's services and information on the site are not intended for citizens and residents of some countries, such as Belgium, China, North Korea, France, Hong Kong, Russian Federation, Spain, Great Britain, USA, and also countries identified by the FATF as high-risk countries or countries with serious AML/CFT deficiencies; countries or regions that are under international sanctions. A complete list is available on the "Countries where the company's services are not provided" page. The Company does not have representative offices in the Russian Federation and does not register clients from the Russian Federation.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.
Riston Capital Ltd (20623 BC 2012) with registered address at Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.