Technical Analysis

The jobs report failed to provide any firm bias for traders to lean on

It’s a rather painful time if you’re trading cable for the last few days, as the pair is so confined between a range of 1.3500 to 1.3600. Not only that, price action continues to mostly center around the confluence of key moving averages.

The 100 and 200-hour MAs are sitting at 1.3552 while the 200-day MA sits at 1.3555. And traders continue to push and pull around the region mentioned in trying to establish the next real bias to which a break may sustain in the pair.

The jobs report earlier failed to provide any fireworks as unemployment rate held at a 43-year low, and wage growth meets expectations. If anything, I’d reckon this could help alleviate fears that data in the UK is worsening further.

But given that we have to wait for the inflation report next week to gain more clarity on what today’s data may mean, we could still be in a tug of war around 1.3500 and 1.3600 with the middle ground being those MAs mentioned for quite some time still.

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