Rangebound trading is in vogue in FX as with indices, although the pound continues its downward move against the dollar. 

Source: Bloomberg

GBP/USD continues to move in a straight-line
The steady straight-line move continues here, with the 50-hour simple moving average (SMA) ($1.4433) continuing to act as resistance to any upside move, however modest.

Bears will still be looking for a move towards $1.4352, below which we will see significant selling momentum develop. If the price clears $1.4433, then upside targets lie around $1.4463 and then $1.4560. 

EUR/USD remains rangebound
The December range of $1.08 - $1.10 continues to haunt EUR/USD traders, as we remain stuck within this. A dip at the beginning of the month brought out the buyers, but they were not able to push on beyond $1.0945. A move higher today targets this area, and then to $1.1043. If the price drops back then we look to support at $1.0746. 

AUD/USD in limbo
Much like indices at present, AUD/USD is not able to hold a rally, but nor does it show much inclination to head significantly lower. So far the area around $0.6930 is still holding up well as support, and for the moment bulls still seem to be building a base. Any bullish action needs to clear $0.70, and if that happens then $0.7089 and then $0.72 come into play. 

USD/JPY still stuck at support
While ¥117 remains as support, any moves above ¥118 have been short-lived. Until a daily close is seen above this level, the pair remains as rangebound as many indices. A break higher heads towards ¥118.75 and then ¥119, while support is found around ¥116.72 and then ¥116.06. 

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