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Pound’s Rally is Supported by Opinion Polls

April 1, 2010 at 15:07 by Vladimir Vyun

Great Britain poundThe pound continues its rally versus the U.S. dollar, touching the highest level since March 22nd, as the survey showed that the Conservative party is leading against the opposing Labor party in the election, lowering a concern that the new government may be not strong enough to tame the budget deficit.

The U.K. currency fell earlier on concern that the parliamentary election, which is held this year, may result in a government without the majority necessary to curb the budget gap. Yet opinion polls, performed by newspapers, showed that the Conservatives improved their lead by 2 percent, resulting in 10 percent lead over their opponents, thus easing a concern about the weakness of the new government and boosting the pound’s strength.

GBP/USD is trading near 1.5255 as of 13:07 GMT from the opening level 1.5179. GBP/JPY traded near 143.03 after opening at 141.87.

If you have any questions, comments, or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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