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GBPUSD Overview: Stuck in a rectangle

GBPUSD is trading at 1.27500 as of writing.

Today, UK GDP, Production figures and US CPI will be released.

It’s been a struggling week for GBP/USD, rotating around the 1.2750 level as Brexit anxiety in the run-up to January 15th’s parliamentary vote ruins any opportunity for Cable bidders to capitalize on broad-market USD weakness

As the markets focus on Brexit related headlines, FED and Trade Wars, the key macroeconomic data makes less effects on the pair.

Technically, on the bigger charts, we see the pair stuck in a rectangle of 100 pips. – 1.27000 – 1.28170 –

On the smaller charts, Cable is trading in a triangle. If it breaks the triangle upside, 1.2817 will be tested. A bearish breakout would send the pair 1.27000 support.

I would like to watch the Cable from a distance until it makes an clear breakout.

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GBPUSD:Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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