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David Cameron is on course for re-election

Friday, May 08 2015
British voters cast their ballots Thursday in the country’s most unpredictable national election in a generation.British Prime Minister David Cameron is on course for re-election after the Labour Party was eviscerated in Scotland and failed to make meaningful gains in England. The Liberal Democrats also suffered a disastrous night, with several top level candidates losing their seats. Meanwhile, the Scottish National Party swept up in north of the border. Opinion polls had initially suggested a close-fought race with no big party likely to win a majority of seats in the U.K. Parliament.
 
 “This result is far less complicated than the markets’ worst fears,” said Bill O’Neill, head of the U.K. investment office at UBS Wealth Management. “With certainty will come a renewed confidence from investors in a more stable and transparent policy climate.”But some cautioned that a government led by Mr. Cameron could hurt sterling in the longer term because of his pledge to hold a referendum on whether Britain should stay in the European Union. “That referendum risk…will haunt the currency at a later stage,” said Phyllis Papadavid, senior global currency strategist at BNP Paribas.
 
Pair is currently being traded few point above 1.5480 level. It is likely to find support at 1.54 handle and resistance above 1.5550 area. Later today, in the US session, NFP figures are scheduled for a release.
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