GBP/USD, EUR/GBP, USD/CAD – Limited Movement in the MarketsGBP/USD has posted slight gains, shrugging off a weak U.K. retail sales report. EUR/GBP and USD/CAD are showing little movement.
GBP/USD has posted slight gains on Thursday. In the North American session, the pair is trading at 1.2883, up 0.26% on the day.
British Retail Sales Remains Sluggish
British consumers continue to hold tight to their wallets and purses, which does not bode well for the British economy. Retail sales contracted by 0.1% in October, shy of the estimate of +0.2%. The indicator has not posted gains since August.
GBP/USD has been range-bound since Monday, in what has been a lackluster week. There is support at 1.2810, which was under strong pressure earlier in the week. Above, we find resistance at 1.2925, which is protecting the symbolic level of 1.3000.
USD/CAD is unchanged in Thursday’s North American session. Currently, the pair is trading at 1.3255, up 0.02% on the day. There are no major Canadian releases on the calendar, so I expect the Canadian dollar to show little movement for the remainder of the day.
The pair continues to test resistance at 1.3250, as this line remains is under strong pressure. Above, we find resistance at the round number of 1.3300. The 200-EMA remains just below the pair, in what could be the sign of an uptrend. Lower, there is support at 1.3150.
EUR/GBP has posted small losses on Thursday. In the North American session, the pair is trading at 0.8555, down 0.13% on the day.
EUR/GBP has shown slow-but steady downward movement this week. The pair continues to test support at 0.8560. If EUR/GBP breaks below this line, the pair has room to move towards 0.8500, which is the next support level. On the upside, there is resistance at 0.8596. Above, there is resistance at the round number of 0.8700.