GBP/USD has started the new trading week with gains. In the North American session, the pair is trading at 1.2969, up 0.38% on the day. The Rightmove Housing Price Index declined by 1.3%, its fourth decline in five months. The pound is within striking distance of 1.3000, which has psychological significance. GBP/USD is currently at its highest level since October 22. The pair climbed 1.0% last week, despite soft consumer spending and inflation data. Still, the uncertainty over the upcoming election and Brexit are likely to weigh on the British currency.
GBP/USD tested resistance at 1.2910 on Friday and the pair has pushed higher on Monday. The pair is within striking distance of 1.3000, a resistance line that has psychological significance. Above, we find resistance at 1.3100. On the downside, there is support at 1.2810.
USD/CAD is trading sideways on Monday. In the North American session, the pair is trading at 1.3209, down 0.12% on the day. On the fundamental front, investors are braced for a poor reading from Manufacturing Production, with a forecast of -0.5%.
There is resistance at 1.3250, but for now, this line does not seem vulnerable. The 200-day and 50-day EMA lines remain relevant. The 50-EMA is currently touching the candlesticks, while the 200-EMA is providing support just below the 1.32 line. Below, there is support at 1.3150. On the upside, there is resistance at the round number of 1.3300.
EUR/GBP is flat in Monday trade. In the North American session, the pair is trading at 0.8560, down 0.07% on the day.
EUR/GBP continues to hover close to the 0.8560, which is currently weak resistance. Below, there is support at the round number of 0.8500. On the upside, there is immediate resistance at 0.8596. Above, there is resistance at the round number of 0.8700.
This article was originally posted on FX Empire
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