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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