The pound failed to find any sustainable tool to reverse its recent sharp decline against the mighty US dollar on Tuesday, declining within a 100 pips of $1.4563 - the lowest level since 2010. Moreover, sterling virtuall…
The pound failed to find any sustainable tool to reverse its recent sharp decline against the mighty US dollar on Tuesday, declining within a 100 pips of $1.4563 - the lowest level since 2010.
Moreover, sterling virtually ignored a UK construction update in December which showed a solid rebound from a six-month low of 55.3 points booked a month ago.
The UK's services PMI are scheduled on Wednesday morning, with the expectation of a minor setback to 55.6 in December, declining from a four-month peak of 55.9 points booked in November.
ADP will bring its fresh employment change on Wednesday, which is widely seen as the forerunner to the crucial non-farm payrolls due on Friday.
In addition, ISM's non-manufacturing gauge is set to reach 56.0 points, marginally improving from the six-month low of 55.6 booked a month ago.
The highlight of the week will come on Friday when December's non-farm payrolls are released. Another solid reading of 200,000 is expected, while the unemployment rate is seen remaining at 5.0%.
Initial support levels are $1.4633, $1.4593 and $1.4547 levels.
Resistance levels are seen at $1.4679, $1.4719 and $1.4805 levels.
