GBP/USD, EUR/GBP, USD/CAD – All Quiet on the Currency Front

It has been a sleepy Tuesday session. The Canadian dollar, British pound and EUR/GBP are all trading sideways and traders can expect a quiet North American session.
Kenny Fisher
Currencies

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%.

Technical Analysis

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.

GBPUSD 1-Day Chart

USD/CAD

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.

Technical Analysis

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.

USD/CAD 1-Day Chart

EUR/GBP

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.

Technical Analysis

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.

EUR/GBP 1-Day Chart

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