The pound was relatively calm on Tuesday and the GBPUSD pair was down a bit on the day, hovering at around 1.2850 during the midday session.
The so-called cable failed to move after the latest labor market figures and remained weaker, although losses were not dramatic.
The latest report showed the UK unemployment rate improved to 3.8% from 3.9% previously, while average hourly earnings ticked lower, which was below market' estimates. Moreover, claimant count change for October rose notably to 33,000, from 13,500 previously. As already mentioned, the pound failed to react in a volatile way and remained lower on the day.
Later in the session, President Donald Trump will speak on U.S. economic and trade policy in a lunchtime address in New York, against a backdrop of heightened expectations of a trade truce with China.
His speech will most likely influence the markets, thus, the greenback might be affected on the GBPUSD pair.
Technically speaking, the first notable intraday support seems to be at around 1.2800 and while the pair remains above this level, the medium-term outlook still seems bullish, with dips probably bought. Another level to watch on the downside could be at around 1.2770.
Alternatively, the first resistance is spotted near 1.2850 and if broken to the upside, further strength toward the 1.29 zone might appear, with the short-term outlook turning bullish in this case.
Trading FX/CFDs on margin bears a high level of risk, and may not be suitable for all investors. Before deciding to trade FX/CFDs you should carefully consider your investment objectives, level of experience, and risk appetite. You can sustain significant loss.
Recommended Content
Editors’ Picks
EUR/USD steady below 1.0800 after US PCE meets expectations
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to US PCE inflation data, with the Greenback shedding some pips. Fed Chair Jerome Powell set to speak ahead of the weekly close.
GBP/USD hovers around 1.2620 in dull trading
GBP/USD trades sideways above 1.2600 amid a widespread holiday restraining action across financial markets. Investors took a long weekend ahead of critical United States employment data next week. Fed Chair Powell coming up next.
Gold price sits at all-time highs above $2,230
Gold price holds near a fresh all-time high at $2,236 in thinned trading amid the Easter Holiday. Most major world markets remain closed, although the United States published core PCE inflation, the Federal Reserve’s favorite inflation gauge.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.