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.”
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AUD/USD extends its losses for the second successive day, trading around 0.7160 during the Asian hours on Tuesday. Traders expect the Reserve Bank of Australia (RBA) to deliver an interest rate hike later in the day.
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