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UK labor market data was published, indicating the unchanged unemployment rate at 4.2%, in line with the forecast. The number of employed in October rose by 50,000 people, while the number of benefit claims rose by 16,000 against a forecast of 15,000.
The key event on Tuesday was the inflation data in the United States, which slowed down in November to a five-month low. The Consumer Price Index was 3.1% YoY, compared to 3.2% in October. The actual data matched analysts' forecasts.
A reduction in short positions in the EUR/USD currency pair ultimately led to a slight rise to the level of 1.0800. At this stage, there are no radical changes; the movement fits within the structure of a corrective pattern.
The GBP/USD pair returned to 1.2600 during the price pullback, but this movement did not lead to the completion of the downward cycle. The quote is caught between two levels, 1.2500/1.2600, which became the initial stage for the accumulation of trading forces.
Today, investors' attention will be on the results of the Fed meeting, where the maintenance of the current interest rate level is undoubtedly expected. However, comments from Fed Chairman Jerome Powell after the meeting regarding monetary policy can significantly impact financial markets, depending on his rhetoric.
In this situation, traders consider an upward scenario as a recovery if the price stabilizes above the 1.0800 mark. The downward scenario envisions the possibility of continuing the corrective phase if the price is held below 1.0750.
In this situation, traders consider two possible scenarios depending on two key levels:
Upward scenario: Becomes relevant in case of price stabilization above 1.2600. This indicates a process of recovering the value of the British pound relative to the recent correction.
Downward scenario: Possible in case of a decrease in the quote below the level of 1.2500. This step indicates the continuation of the correction from the level of 1.2700.
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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