- Sterling sees a thin Tuesday session lying ahead with a limited smattering on the economic calendar.
- The BoE's FSR due on Thursday will likely keep traders out of the action until release time.
The GBP/USD is trading flatly for Tuesday, splashing around the 1.3280 level with a quiet session ahead.
The Sterling saw little change in Monday's session, initially dropping through Asia into 1.3220 before rebounding to claim a small gain on the day, closing the following US session near its current levels. The early week for the GBP is a thin showing on the economic calendar, though a couple of speeches from MPC members could bring some activity.
MPC members Haskel and McCafferty are giving a set of speeches, beginning at 09:00 and 09:30 GMT respectively, but their planned talking points are expected to remain mid-tier, and unlikely to divulge much new information about the Bank of England's (BoE) future moves. GBP traders will be looking forward to BoE Governor Mark Carney's speech coming on Thursday regarding the central bank's Financial Stability Report, leaving traders to sit on the sidelines during the London market until then.
Tuesday's upcoming US session also sees some speeches from central bank board members, with the FOMC's Bostic and Kaplan giving their own mid-tier speeches at 17:00 GMT and 17:45 GMT respectively.
GBP/USD levels to watch
As noted by FXStreet's own Valeria Bednarik, the Sterling has struggled to develop any real bullish momentum this week, and remains trapped by last week's highs: "the pair remained below Friday's high of 1.3314, while daily basis, it settled a lower low and a lower high, which somehow leans the risk toward the downside. In the 4 hours chart, the pair met buying interest around a bullish 20 SMA, currently at 1.3235, while technical indicators lost upward strength, the Momentum nearing its mid-line with a vertical slope and the RSI hovering around 55, in line with the limited buying interest around the pair. A bullish continuation is possible short-term on a break above the mentioned 1.3314 level, although investors will likely be cautious and rush to take profits out of the table ahead of Brexit clarity."
Support levels: 1.3235 1.3205 1.3170
Resistance levels: 1.3280 1.3315 1.3350
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
AUD/USD recaptures 0.6600 ahead of US NFP data
AUD/USD is trading back above the 0.6600 mark in the Asian session on Friday. The pair regains upside traction, despite a rebound in the US Dollar and the US Treasury bond yields, as risk sentiment improves ahead of the all-important US NFP data.
USD/JPY remains volatile below 144.00 after Japan's GDP miss
USD/JPY is moving back and forth while below 144.00 in Friday's Asian trading. The pair recovered ground after Japan's Q3 GDP missed estimates. However, the Yen holds the upper hand against the US Dollar on hints of BoJ's policy pivot. US NFP awaited.
Gold eyes acceptance above $2,050 on dismal US Nonfarm Payrolls data Premium
Gold set new all-time highs this week at $2,144.48 in a hard bid rally early Monday, and the XAU/USD has spent the rest of the week in thin trading above $2,000 after paring away Monday’s opening gains. US NFP data is in focus for a fresh directional impetus.
Bitcoin price could retrace to $42,000 if US Nonfarm Payroll comes in at 180,000
Bitcoin price just like other assets, is highly impacted by the macro-financial developments. This includes the Nonfarm Payrolls (NFP) report released by the Bureau of Labor Statistics (BLS) of the United States. This time around, the NFP data is expected to cause a dip in the value of BTC.
US November Nonfarm Payrolls Preview: Analyzing Gold price's reaction to NFP surprises Premium
Historically, how impactful has the US jobs report been on gold’s valuation? In this article, we present results from a study in which we analyzed the XAU/USD pair's reaction to the previous 35 NFP prints*.