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Market rally halted on Monday due to a completely empty macroeconomic calendar. And it seems like this stagnation will continue today as even though labor market data is due out in the UK, the unemployment rate is expected to remain unchanged. In addition, inflation data in the region, as well as retail sales and industrial output in eurozone and the US will also be released on Wednesday, which is likely to put the market in motion. Few will want to take risks, so the most logical development would be a continuation of the current stagnation as part of a preparation for tomorrow's key data.
Unemployment rate (UK):
There was a slowdown in the EUR/USD upward cycle as early as last week, followed by a stagnation, which was expressed as a sideways movement between 1.0800/1.0870. This scenario could be a catalyst for trading forces.
As for GBP/USD, the quote hit the resistance level of 1.2300 the other day, prompting a rebound and a stagnation, which indicates a characteristic uncertainty among market participants. The benchmarks are 1.2150 and 1.2300.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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