GBP/USD, EUR/GBP, USD/CAD – Little Movement Ahead of U.S. Retail SalesThe British and Canadian currencies are almost unchanged on Friday. We could see some movement with the release of U.S. retail sales at 13:30 GMT.
GBP/USD is drifting in Friday trade. In the North American session, the pair is trading at 1.2873, up 0.06% on the day. Late on Thursday, the CB Leading Index declined by 0.4%. This follows a 0.5% decline in the previous release. There are no British events on the schedule on Friday.
GBP/USD has been range-bound since Monday, in what has been a lackluster week. The pair put pressure on support at 1.2810 earlier in the week, but this line has held firm. Below, there is support at 1.2720. On the upside, we find resistance at 1.2925, which is protecting the key level of 1.3000.
USD/CAD continues to have a quiet week. In Friday’s European session, the pair is trading at 1.3240, down 0.07% on the day. On the fundamental front, there are no major Canadian events on the schedule. Foreign Securities Purchases are expected to drop to C$4.22 billion in September.
USD/CAD pair continues to put pressure at 1.3250, but has been unable to consolidate above this resistance line. Above, the 200-EMA remains just above the pair. Above, there is resistance at the round number of 1.3300. On the downside, there is support at 1.3150.
EUR/GBP has posted slight gains on Friday. In the North American session, the pair is trading at 0.8568, up 0.15% on the day. On the inflation front, Eurozone CPI and Core CPI matched the forecasts, with readings of 0.7% and 1.1%, respectively. The euro has responded with slight gains against the U.S. dollar and the British pound.
EUR/GBP is trading just above support at 0.8560, which has been relevant throughout the week. 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.