The pound sterling remains subdued amid a lack of any clear fundamentals. Economic data was sparse on Monday. However, the payrolls report is due later today. Investors forecast that the unemployment rate will drop to 3.1%, while wage growth is forecast to remain steady at 3.8%.
GBP/USD is Consolidating Near the Bottom
GBPUSD is trading rather flat on the day. Price action remains close to the support level of 1.2960. But we expect to see a firm retest of this support. The bias to the upside is building up if the downside doesn’t break. A breakout to the upside will signal a move back towards the 1.3100 level of resistance.
