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Monday, as usual, was accompanied by an empty macroeconomic calendar. Important statistical data were not published in the European Union, the United Kingdom, and the United States.
The EUR/USD currency pair slowed down its decline around the level of 1.0750. This move led to a reduction in the volume of short positions, ultimately causing a standstill with growth potential.
The GBP/USD pair slowed down the formation of the correction phase around the support level of 1.2500. As a result of the reduction in the volume of short positions, there was a partial recovery of positions in the British pound.
At the opening of the European trading session, data on the labor market in the United Kingdom were published, indicating that unemployment remained at the level of 4.2%, in line with forecasts. The number of employed in September rose by 50,000
people, while the number of benefit claims rose by 16,000, with a forecast of 15,000.
These labor market data almost coincided with all analysts' forecasts.
The key event on Tuesday is considered to be the inflation data in the United States, the level of which may decrease from 3.2% to 3.1%. These indicators may indicate a final shift in the policy of the Federal Reserve, where the refinancing rate will no longer be raised in the upcoming meetings.
In this situation, traders are considering an upward scenario as a recovery in the event of price stabilization above the level of 1.0800. The downward scenario suggests the possibility of prolonging the current market correction phase while keeping the price below the value of 1.0750.
For the next stage of the recovery of the British currency's value, stabilization of the price above the level of 1.2600 during the day is necessary. Otherwise, the recovery phase may be replaced by a sideways range within the boundaries of 1.2500/1.2600.
The candlestick chart type is white and black graphic rectangles with lines above and below. With a detailed analysis of each individual candle, you can see its characteristics relative to a particular time frame: opening price, closing price, intraday high and low.
Horizontal levels are price coordinates, relative to which a price may stop or reverse its trajectory. In the market, these levels are called support and resistance.
Circles and rectangles are highlighted examples where the price reversed in history. This color highlighting indicates horizontal lines that may put pressure on the asset's price in the future.
The up/down arrows are landmarks of the possible price direction in the future.
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