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GBP/USD trades sideways
Trading volumes and market volatility are expected to remain muted throughout trading session as are we are not expecting any major economic announcements from the UK or the US. Thus no clear directional bias for GBP/USD is anticipated as traders elect to sit on the fence.
Tomorrow’s CPI data from the UK will spur volatility, and the market is expecting a reading of 0.7% in December, which is a big drop from November’s 1% report. If market expectations are met it will hammer home the point that the Bank of England is not going to increase rates in the first half of this year, and this will be music to the bears’ ears.
The 50-hour moving average is providing support at $1.5121, and a move through this would turn support into resistance with a downside target of $1.50. The daily relative strength index shows it is still in oversold territory, which may indicate a bounce, but any move higher will run into resistance at $1.52.