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Cable Testing Key Resistance After Firm Bounce, Labour Market Data Tuesday

GBP
  • The greenback continues to edge lower in late session trade on Monday as the USD index extends below last Friday’s lows and grinds towards the 102 mark. While the JPY continues to be the best performing major, there has been an impressive turnaround for cable, which after bouncing around 100 pips is now testing key resistance once again.
  • In general, price action has been reinforcing bullish trend conditions and attention is on key resistance at 1.2849, a Fibonacci projection and Friday’s intraday high. A clear break of this level would confirm a resumption of the uptrend and open 1.2877, the Apr 25 2022 high.
  • Key short-term support has now been defined at 1.2674, the Jul 6 low. A break would represent a short-term bearish development.
  • The domestic focus for sterling resides on UK labour market data tomorrow morning, particularly average weekly earnings data which are expected to accelerate further on a headline basis to 6.8% Y/y (3mma) which would be the highest print since August 2021 (when the pandemic base effects were distorting the data). Markets will also pay attention to monthly GDP, trade and industrial production data due later this week.
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