GBP/USD seesaws around 1.2925 as Johnson-Corbyn debate ends on a sour note

• GBP/USD trims previous gains amid the UK’s political debate.
• Johnson’s comments on the region’s importance, Labour’s spending plans and NHS gained major attention, Corbyn reiterated second referendum.
• Snap polls showed mixed outcome and increased political uncertainty.

With the ITV’s political debate deviating from the recent polls of Conservatives’ lead in December election, GBP/USD takes the rounds 1.2925 by the start of Wednesday’s Asian session.

The United Kingdom’s (UK) Prime Minister (PM) Boris Johnson and the opposition Labour party leader Jeremy Corbyn were head-to-head on the ITV’s political debate after the Swiss National Party (SNP) and the Liberal Democrats (LibDem) were barred from the appearance by judges earlier.

As anticipated, the debate flashed lights on many things including the European Union’s (EU) importance for the UK PM vis-à-vis Brexit and how does he see National Health Services (NHS) after the decision to shelve plans for corporate tax cuts. The Tory leader remained firm on his Brexit bias but gave high importance to the region while also supporting the NHS.

However, he struggled to confront Corbyn’s allegation that it is “nonsense” to suggest that Johnson would sort out Brexit by January. The Labour leader also gained popularity while turning down the hopes of an alliance with the SNP. Further, Corbyn showed readiness for another referendum and a better deal.

Read: ITV Live Debate: Rolling headlines on Brexit

Also increasing the uncertainty was the snap polls that showed a different level of popularity than the major polls concerning the December month election. While ITV’s numbers surprised markets with a 78% favour for the Labour leader Corbyn, YouGov/Sky News put only 49% of public trust on the Labour leader.

Elsewhere, signals concerning the phase one deal between the United States (US) and China keep coming in mixed while economic calendar stays mostly silent.

Technical Analysis

The 1.3000 mark continues to act as key resistance, followed by 1.3015 and May month high near 1.3180, whereas monthly bottom near 1.2770 can keep sellers entertained.