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Yesterday, the pound broke through the lower shadow of the daily candle for the fourth consecutive day at the support level of 1.2186. Given the ongoing uncertainty ahead of the upcoming U.S. presidential inauguration, the pound is likely to continue trading sideways within the range of 1.2186 to 1.2294. A confirmed break below 1.2186, which could occur as early as Monday, may lead to a target support level of 1.2036.
On the four-hour chart, the price seems to be stuck between the balance line and the MACD line. The Marlin oscillator also indicates sideways movement, suggesting that the pound is unlikely to make significant moves until key developments arise.
Today, the UK is set to release retail sales data for December, which is expected to show a 0.4% increase. However, this could easily be countered by U.S. data on housing starts, forecasted at 3.13%, and industrial production at 0.3%.
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