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The market continues to move sideways, although technically, both euro and pound declined slightly. The movement could be considered symbolic due to the very small range. The empty macroeconomic calendar and the complete absence of any significant news that could impact market sentiment led to this stagnation.
EUR/USD bounced back from the lower limit of the psychological level of 1.0950/1.1050, resulting in a retracement that led to a repositioning of trading forces. In order for a technical signal for an upward movement to reappear, the quote needs to return above 1.0950. Until then, the market will maintain its current trajectory.
GBP/USD follows a similar cycle of price fluctuations. Initially, an upward movement occurred where the quote reached 1.2850. A retracement started shortly after, which could be considered as a repositioning of trading forces before a subsequent rise.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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