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GBP/USD, EUR/GBP, USD/CAD – Little Movement Ahead of U.S. Retail Sales

Kenny Fisher

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.

Technical Analysis

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.

GBP/USD 1-Chart Day
GBP/USD 1-Chart Day

USD/CAD

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.

Technical Analysis

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.

USD/CAD 1-Day Chart
USD/CAD 1-Day Chart

EUR/GBP

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.

Technical Analysis

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.

EUR/GBP 1-Day Chart
EUR/GBP 1-Day Chart

This article was originally posted on FX Empire

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