GBP/USD Outlook: Strong UK Jobs Data Underpin Pound But Upticks Were Limited

Technical analysis of Forex market

Cable edged higher in European trading on Tuesday, underpinned by strong UK jobs data for October, but upticks were so far limited as near-term action remains weighed by thick weekly cloud.

Also, fragile political situation in the UK, on signals that PM Johnson is going to face strong opposition in the parliament over the latest Covid measures, would also sour the sentiment.

Studies on daily chart remain overall bearish, with north-heading momentum, although still in the negative territory, seen as supportive factor.

Fresh strength needs close above falling 10DMA (which caps the action since Nov 22) to ease downside pressure, but minimum requirement to sideline larger bears will be a sustained break above 1.3300 zones (Fibo 38.2% of 1.3513/1.3161 bear-leg / falling 20DMA).

Res: 1.3232; 1.3250; 1.3300; 1.3328.
Sup: 1.3161; 1.3100; 1.3046; 1.3000.