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Quotes went back to their previous levels after the US released the latest data on inflation. Obviously, markets understood that the report is unlikely to affect the Fed policy, so currencies such as euro and pound fell further, while dollar became overbought.
For a rebound to happen, the market needs a reason. This can be the upcoming data on the UK labor market. If the unemployment rate remains unchanged, then growth may be seen in the market. Otherwise, there will be no movement.
Unemployment rate (UK):
Also ahead is a report on industrial production in the US. Many expect that the rate at which it is growing will slow from 4.2% to 4.0%, indicating the beginning of a protracted recession. That, in turn, will prompt the slight weakening of dollar.
Industrial production (United States):
Nevertheless, the changes will not be large, and euro and pound will remain in a fairly wide range.
EUR/USD returned to the lower border of the previously passed flat - 1.0150/1.0270. There is a slight oversold at the moment, which may lead to a technical rollback relative to the level of 1.0150. Further decline will occur if the quote holds below 1.0100.
GBP/USD has a similar picture. During the previous movement, quotes fell to the psychological level of 1.2000 (1.2050), which prompted a slight decrease in the volume of short positions. They key level now is 1.2000/1.2050, where a rebound could occur. Further decline will occur if the pair falls below 1.2000 in the four-hour (H4) chart.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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