GBP/USD is trading sideways in Tuesday trade. In the North American session, the pair is trading at 1.2842, down 0.08%.
Cable Shrugs off Weak Job Numbers
British employment numbers were a disappointment. Wage growth slowed to 3.6% in September, down from 3.8% a month earlier. The reading also missed the forecast of 3.8%. Unemployment rolls jumped to 33.0 thousand in October, up from 21.1 thousand. The estimate stood at 24.2 thousand. The unemployment rate dropped from 3.9% to 3.8%.
GBP/SD continues to put pressure on 1.2810, which is currently an immediate support line. If this line breaks, the pair has significant room to move lower, as the next support level is at 1.2720. On the upside, we find resistance at 1.2925.
USD/CAD is flat in Tuesday trade, continuing the lack of activity we’ve seen since Friday. In the North American session, the pair is trading at 1.3230, down 0.03% on the day. There are no Canadian events on the schedule, so I expect the pair to remain quiet in the North American session.
USD/CAD continues to trade close to the round number of 1.3200, which is providing immediate support. Lower, there is support at 1.3150. The 200-EMA continues to flirt with the candlesticks. On the upside, there is weak resistance at 1.3250.
EUR/GBP is showing little movement on Tuesday. In the North American session, the pair is trading at 0.8574, down 0.12% on the day.
EUR/GBP pushed below support at 0.8596 on Monday and remains below this line on Tuesday. Is a downward breakout imminent? This is followed by support at 0.8500, which has held since late April. On the upside, there is resistance at the round number of 0.8700.
This article was originally posted on FX Empire
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