GBP/USD should still be moved by external drivers and may remain supported – ING

GBP/USD is trading slightly higher. Economists at ING expect the pair to remain supported on Tuesday.

Jobs market remains tight

“Jobs data were largely in line with consensus expectations and confirmed the UK jobs market has remained quite tight. Most crucially for the Bank of England, evidence that wage growth has continued to accelerate may suggest more aggressive tightening.”

“Today, Cable should still be moved by external drivers and may remain supported, while EUR/GBP may stay in the upper half of the 0.86-0.87 range.”