GBP/USD has posted slight losses on Tuesday, erasing the gains seen on Monday. In the North American session, the pair is trading at 1.2931, down 0.15% on the day. There are no major British events on the calendar.
GBP/USD tested resistance at 1.2910 on Monday, but has retraced on Tuesday and GBP to USD is hovering just above this line. The pair is within striking distance of resistance at 1.3000, a line with psychological significance. Above, we find resistance at 1.3100. On the downside, there is support at 1.2810.
USD/CAD has posted slight gains on Tuesday. In the North American session, the pair is trading at 1.3227, up 0.15% on the day.
Manufacturing Sales Slide
Canadian manufacturing sales declined by 0.2% in September, down from 0.8% a month earlier. This marked the third decline in the past four months. The weak release underscores trouble in the manufacturing sector, which has been hampered by weak global growth and the U.S-China trade war. This has boosted USD to CAD.
Traders should note that both the 200-EMA and 50-EMA are relevant. The 200-EMA is currently situated just above the pair and is acting as short-term relief. Close by, there is immediate resistance at 1.3250, but USD/CAD is not showing much appetite to challenge this line. This is followed by resistance at 1.3300. On the downside, the 50-EMA is currently touching the candlesticks and is trading just below the pair. Below, there is support at 1.3150.
EUR/GBP has posted gains on Tuesday. In the North American session, the pair is trading at 0.8569, up 0.22% on the day.
EUR/GBP continues to hover around 0.8560, which is currently a weak support level. EUR to GBP has remained close to this line for over a week and there are no signs that a breakout is near, so it could remain a quiet week for the pair. Below, there is support at the round number of 0.8500. On the upside, there is immediate resistance at 0.8596, which has been relevant since mid-October. Above, there is resistance at the round number of 0.8700.
This article was originally posted on FX Empire
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