Super Thursday is looking very much that, with so much on the cards and the big news I feel will certainly be the UK elections. So far the conservatives are losing some ground, however it looks to be a clear majority for the most part against the labour party, and while polls can be uncertain at times and we can see swings – it does looks certain that Theresa May will remain prime minister going into the Brexit negotiations. For the GBP does this mean much? Probably not in this instance given the market will be pricing in a conservative victory as the polls have shown a clear majority and a swing of a few points won’t stop the conservative government remaining in power for the time being.

For the GBPUSD traders they will certainly be pricing in bullish movements and I am not so sure if we will see any large movements akin to what happened on Brexit night. What I am expecting however is to see the GBPUSD look to creep up the charts and get closer to resistance at 1.3042 with the further future potential to go higher to 1.3276. Any dips lower may be picked up by the 20 day moving average which has previously acted as strong support, but for the most part I wouldn’t expect the GBPUSD to not be a major mover unless we see a sudden political shift, or news that was unexpected, and I feel the market is holding out for the most part until it hears further Brexit news after the election.

Oil bulls had looked fairly positive as of recent, but got a large shocker today with oil inventories coming in at 3.29M (-3.46M). After the recent middle eastern events there was a feeling that we could see oil prices push higher on uncertainty fears of it spilling over; and even with the attack today in Iran there were also further worries. However, with the US still not picking up pace when it comes to oil consumption and shale still pumping as much as possible, it would seem that the days of cheap oil many still continue further.

Oils push lower touched on a key support level at 45.80 that has held up the most recent previous attempts. However each wave thus far has been trending lower and the bears could be poised to have another move tomorrow, especially if there is further USD weakness in the marketplace. With the moving averages a long way off and the market quite happy to go lower, the next level down for support could be 44.01 and I feel this would certainly be a pause level as traders look to unwind somewhat. However, we won’t see bulls back in the market unless OPEC acts further, or unless US consumption of oil increases further.