Yesterday’s trading was not to our liking and amidst the choppy performances in both EUR/USD and GBP/USD there was nothing to gain for traders.
Traders now brace for more volatile and hopefully more profitable movements in the GBP/USD. Today brings the U.K. Consumer Price Report, due at 9:30 UTC and the expectation is for January inflation to come in at 2.9 percent. If we will see a number above 3 percent, the pound will rise. If inflation numbers however disappoint we could see the pound tumbling towards 1.3740.
From a technical perspective we see the chances in favor of upcoming breakouts this morning. Prices narrowed, formatting a symmetrical triangle in the 4-hour chart. Based on that triangle we will pay attention to price breakouts above or respectively below that pattern. A higher target could be around 1.3980 whereas a lower target could be around 1.3740.
EUR/USD: The euro traded resilient above 1.2235 but bullish momentum was not enough to push the pair beyond 1.23. If the euro rises above 1.2330/40 we expect accelerated bullish momentum towards 1.24, while on the bottom side, the 1.22-support remains in focus.
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