GBP slips ahead of UK jobs and wage data Tuesday – Scotiabank
Source Fxstreet
The softer pound reflects the general shift in favour of the USD since Friday’s US data reports, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
Broader trend dynamics remain positive for the GBP
“There were no UK data releases today and markets are focused on Tuesday’s wage and employment data. Soft wage growth may nudge sterling a little lower still.”
“Weak price action and a negative daily price signal from Friday also suggests near-term downside risks for the GBP.”
“Broader underlying trend dynamics remain positive for the GBP as well, however, suggesting that downside potential for Cable is limited, at least for now. Support is 1.3035. Resistance is 1.3135/40 intraday.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.
The dollar weakened, equities fell, and gold set new records on Wednesday as investors waited for a Fed rate cut later in the day.
Bitcoin network realizes $1.99 billion in losses, rivaling the 2022 Luna crash, though analysts view the $67,000 flush as a cyclical cleanse rather than a structural breakdown.
The USD/JPY pair attracts some buyers during the Asian session on Monday and climbs back above the 153.00 mark following the disappointing release of Japan's Q4 GDP report.
Gold (XAU/USD) attracts fresh sellers at the start of a new week and reverses a part of Friday's strong move up of over $150 from sub-$4,900 levels.
Related Instrument
