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Pound so far unfazed by potential UK local election fallout- check out the GBP/USD

Yesterday, as the dollar fell back versus the Euro, that was actually led by a rebound back above 1.25 in the GBP/USD. That rebound extended to exactly 1.2550. Coincidentally that high was exactly on the 200 day moving average (unchanged today). Obviously that level provided resistance and the Pound slipped back, to later close in the US at 1.2527. The range seen so far today has been covered by 1.2512 to 1.2545. Today sees the UK local elections take place and it seems likely the Conservative party is going to receive a drubbing. That is not something that immediately concerns the Pound it seems. The more immediate price action is very much being determined by the Yen and the dollar right now and that has largely been the case all week so far. The GBP/USD is currently trading on session lows, at 1.2512 

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