The U.S. dollar was little changed despite stronger-than-expected U.S. economic data, as investors awaited the Fed's interest-rate decision. The Dollar Index marked a day-high of 98.15 before easing back to close at 97.97, broadly unchanged from the prior session. The U.S. Federal Reserve will announce its interest-rate decision (expected to be unchanged at 1.50% - 1.75%).   On Wednesday, the BTC/USD prices soared to break $9,400 resistance for the very first time in the year 2020. The tug of war among the buyers and the sellers gets momentum, adding a choppy session under $9,400 mark. Lately, the BTC/USD price has exhibited bullish correction from $9,397 (opening value) on Wednesday to $9,431, which marks the daily high. The bullish strength emanates from the brief surge during the American session on Tuesday. For now, Bitcoin has a market value of $9,332, following an indirect 0.50% loss on the day. The BTC/USD's bullish trend continues as the leading pair dip to 8,800 support zone ahead of surge until 9,380 level. Although the leading cryptocurrency is in the overbought territory, the latest candlesticks are suggesting chances of bullish trend continuation. Support Resistance 8,895.92 9,183.66 8,749.93 9,325.41 8,462.19 9,613.15 Pivot Point 9,037.67 In the daily timeframe, the BTC/USD has formed three white soldiers pattern, which supports the bullish trend in the BTC/USD. On the higher side, the pair may find next resistance around 9,507, and violation of this can also open further room for buying until 9,775. Conversely, the support stays around 9,190 and 9,030. the EUR/USD currency pair flashing red but still struggling to extend its previous day gains from the 1.10 ahead of federal Reserve meeting. As of writing, the EUR/USD currency pair is currently trading at 1.1013 and consolidates in the range between 1.1013 - 1.1028. However, the currency pair was marked above Tuesday's high of 1.1025 in early Asian trading hours but again dropped to 1.1013.ahead of London open. At the fed front, the Federal Reserve (Fed) is expected to keep the benchmark interest rates unchanged for the 2nd-month. Whereas, the course of the American economy remains unchanged since the previous FOMC meeting on December 10-11 last year. On the other hand, the greenback could come under pressure, because the policymakers will unlikely avoid from pushing back against the slightly increased chance of a rate cut priced-into 2020, in the wake of intensifying fears regarding the coronavirus impact on the economy. As in result, the EUR/USD currency pair may hit the bullish reversal pattern with a close above 1.1025. Support Resistance 1.1006 1.1031 1.0989 1.104 1.0963 1.1066 Pivot Point 1.1015 The EUR/USD has closed a hammer pattern on the daily timeframe, which typically drive bullish reversals in the market. But today's candle seems to ignore this setup as EUR/USD continues to trade bearish at 1.1010 level. The EUR/USD pair is likely to find an immediate resistance around 1.1025, and bearish breakout of which is likely to extend bearish bias until 1.1005. The Fed rate decision today will help us drive further trends in the market. Today in the early Asian session, the GBP/USD currency pair stops its 4-consecutive day losing streak, and now the pair is sidelined above the 1.3000. As we know, the GBP/USD currency pair was depressed mainly due to the concerns of the United States and the United Kingdom war concerning the UK permission to the Chinese tech giant for 5G development. As of writing, the GBP/USD currency pair is currently trading at 1.3020 and consolidates in the range between the 1.3015 - 1.3031. However, the moves are lighter in the pair ahead of the BOE meeting on Thursday. At the front of the leading news, the United States lawmakers have started criticizing the Tory government's plan to allow the Chinese tech giant for 5G development. This headline may leave any negative impact on the US-UK on-going deal, and US Secretary of State Mike Pompeo will properly discuss this matter when he entered Britain today. Support Resistance 1.2982 1.3066 1.2937 1.3105 1.2853 1.3189 Pivot Point 1.3021 The GBP/USD has violated the daily pivot point of 1.3021, and it's currently trading at 1.3012. As we can see on the 4-hour timeframe, the GBP/USD has crossed below the 50 periods EMA which is keeping it bearish below 1.3050. The RSI and MACD are holding at bearish zone, and these may drive more selling in the GBP/USD. If this happens, the GBP/USD may find next support around 1.2975 and violation of which can also lead the GBP/USD prices towards 1.2920. Let's look for selling trades below 1.3021. All the best for today.

On the forex front, the U.S. Dollar Index edged up 0.1% on the day to 97.94. In the U.K., the Confederation of British Industry will post January retail sales index (4 expected). The U.S. Commerce Department will release December durable goods orders (+0.4% on month expected). The Conference Board will publish January Consumer Confidence Index (128.0 expected). SP/Case-Shiller will report the 20-City Composite Home Price Index for November (+0.4% on month expected). The Richmond Federal Reserve will release its Manufacturing Index for January (-3 expected). Economic Calendar - CB Consumer Confidence The Bitcoin has enhanced the support over $9,000 after breaking through the resistances we mentioned yesterday at $8,700 and $8,800. Bitcoin buyers anticipate concluding the month of January not just in the assertive but also with a bullish bias. The BTC/USD is entering the $9,081 zone, following an impressive 2% growth in value on the day. The prevailing strong bullish trend is driving off the last of the bears in preparation for the next bull-run to $10,000. Support Resistance 8,676.62 9,100.06 8,408.25 9,255.13 7,984.81 9,678.57 Pivot Point 8,831.69 The BTC/USD is trading with a bullish bias, having tested the major resistance area of 9,125. For now, the BTC/USD is in the overbought zone, and it may drive slight bearish retracement. The BTC/USD may dip until the 8,800 area today. The EUR/USD currency pair remains trading bearish despite the upbeat German data. The pair erased almost all gains, which were marked in December while the pair had hit the level of 1.1240 from the 1.1015 in December and started this year at 1.1222. As of writing, the EUR/USD pair is currently trading at 1.1021 and consolidates in the range between the 11015 - 1.1025. However, the majority of German economic data released this month and increased expectations of a stronger economic recovery in 2020. Meanwhile, an Ifo institute economist said on Monday that it looks possible that the German economy would increase by 0.2% in the first quarter of 2020, having increased by 0.1% in the final quarter of 2019. Whereas, the EUR currency bulls did not take any support from the recovery in the German economy so far. As we already mentioned, the EUR/USD pair has erased almost entire December gains. It is worth to mention that the reason behind the EUR currency failure to put the bids could be the trade war between the United States and European Union after the singing of the United States and China phase-one trade deal. Whereas, there seems not a broader trade war between the European Union and the United States. Support Resistance 1.1009 1.1051 1.0993 1.1078 1.095 1.112 Pivot Point 1.1035 The technical side of the EUR/USD is also mostly the same as the Bearish bias for EUR/USD still remains dominant. The closing of the daily candle is somewhat neutral, which suggests the chances of a bullish recovery in the EUR/USD. Today, the pair is likely to keep the trade below 1.1055 level with immediate support around 1.1005 and 1.0995. The GBP/USD closed at 1.30705 after placing a high of 1.31724 and a low of 1.30564. Overall the movement of GBP/USD pair remained bearish throughout the day. At 14:30 GMT, the Flash Manufacturing PMI from Great Britain for January came in as 49.8 against the forecasted 48.8. Britain's Flash Services PMI for January exceeded the expectations of 51.1 and came in as 52.9, which supported British Pound. On the back of stronger than expected figures of PMI from the United Kingdom, the Sterling jumped to its highest level since January 7. The pair rose near 1.3173 level on Friday due to robust economic data from the British side. The Traders got fresh clues after the release of stronger than expected PIMI that Bank of England would not go for another rate cut in its next meeting. This gave strength to Sterling against the U.S. dollar and moved GBP/USD on the bullish trend. However, the bullish trend did not last for long, and the pair GBP/USD started to fell due to the strength of the U.S. dollar across the board. The U.S. dollar had a buying interest in the market on Friday due to an increase in prices of Dollar Index, which was above 98 level on Friday. The Dollar gained strength by the surprising expansion of the U.S. Services sector in January. A At 19:45 GMT, the Flash Services PMI from the United States came in as 53.2 against the expected 52.9. The strong U.S. dollar weighed on GBP/USD pair and dragged its prices for 2nd consecutive day on Friday. Support Resistance 1.3028 1.3146 1.2984 1.322 1.2865 1.3338 Pivot Point 1.3102 On the 4 hour timeframe, the GBP/USD has broken the horizontal support pattern, which was prolonging support at 1.3065. Besides this, the GBP/USD has closed bearish engulfing candle below 1.3067 support become resistance area, which is now probably to stretch bearish bias unto 1.2950. Conversely, the GBP/USD pair may show some bullish momentum upon testing the 1.2950 level. The pair has to breach below 1.2950 support area to target 1.2865 later. All the best for today.

On the forex front, the U.S. Dollar Index gained 0.2% on the day to 97.85. The Japanese yen strengthened for a four straight session, as the spread of the deadly coronavirus weighed on market sentiment. USD/JPY dipped 0.2% to 109.28. Later today, December U.S. new home sales will be reported (up to an annualized rate of 731,000 units expected). European stocks rebounded, with the Stoxx Europe 600 Index gaining 0.9%. Germany's DAX rose 1.4%, the U.K.'s FTSE 100 added 1.0%, and France's CAC was up 0.9%. Economic Calendar - German Ifo Business Climate Ahead As the weekly close surrounded, the BTC/USD price reached above $8,500 after using the previous day trading in the $8,200 to $8,300 limit. At the time of writing, bulls are trying to drive through the $8,500 to $8,650 resistance zone to inch near a daily lower high at $8,800. On the 6-hour timeframe, the MACD (moving average convergence divergence) has exhibited a bull crossover, and the histogram has shifted into the positive, bestowing a sharp uptick in momentum. In case, the BTC/USD prices can develop above $8,650 and cross above $8,800 from resistance; the exchange rate could surge to $9,100, which follows up with the top arm of the Bollinger Band tool. Support Resistance 8177.32 8464.35 8055.53 8629.59 7768.5 8916.62 Pivot Point 8342.56 The BTC/USD is trading with a bullish bias above a strong support level of 8,600 with resistance around 8,685 level. On the higher, bullish breakout of 8,685 can lead the BTC/USD prices towards 8,833. The EUR/USD closed at 1.10255 after placing a high of 1.10617 and a low of 1.10196. Overall the movement of EUR/USD pair remained bearish throughout the day. The EUR/USD dropped near the 8th week lowest level of 1.10196 on Friday on the back of broad-based U.S. dollar strength and weaker than expected Services PMI from Eurozone. At 13:15 GMT, the French Flash Services PMI for January came in as 51.7 against the expectations of 52.2 and weighed on the single currency. However, the Manufacturing PMI from France exceeded the expectation of 50.6 and came in as 51.0 in January and supported Euro. At 13:30 GMT, the German Flash Manufacturing PMI came in as 45.2 against the expectations of 44.5. The German Flash Services PMI for January exceeded the expectations of 53.0 and came in as 54.2 to support Euro currency. At 14:00 GMT, the Flash Manufacturing PMI from the whole bloc for January came in as 47.8 in comparison of forecasted 46.9. The Flash Services PMI from entire bloc fell short of expected 52.9 and came in as 52.2. The Belgian Business Climate from the National Bank of Belgian for January showed a decline by 2.0 against the expected decline by 3.0 and supported the single currency Euro. Though the Manufacturing PMI from the whole bloc and France & Germany came in favor of Euro, the Services PMI remained disappointed. Better than expected, PMI from Germany indicated growth in the German Manufacturing and Services sector. However, the fact that Manufacturing PMI came in less than 50.0 from Germany, it means that the manufacturing sector contracted in January but less than expectations. Weaker than expected Services PMI from the whole bloc weighed on Euro currency, and hence, EUR/USD started to move in a downward direction. On the other hand, during a panel discussion at World Economic Forum on Friday, the President of European Central Bank, Christine Lagarde, said that ECB noted a really minor change in inflation. However, the pair EUR/USD fell to near its eight week's lowest level after the U.S. Treasury Secretary Steven Mnuchin argued over Ms. Lagarde's view on energy transition. According to Lagarde, central banks should lead to making economic modeling that could forecast the cost of protecting the environment. She said that companies, rating agencies, and banks should do medium-term forecasting instead of quarterly forecasts and should start thinking in terms of 30 years out. However, Mnuchin argued that forecasting the cost of protecting the environment was not possible. He said that it would result in a tax on hard-working people. This weighed on single currency Euro against U.S. dollar, and hence, pair EUR/USD dropped at the ending day of the week. Support Resistance 1.1019 1.1035 1.1012 1.1044 1.1003 1.10 51 Pivot Point: 1.1028 Bearish bias for EUR/USD is still dominant in the market as the pair has closed below 1.10750 double bottom level. Now, this level is likely to work as a resistance for the EUR/USD pair. Today, the pair is likely to keep the bearish momentum below 1.1035 level with immediate support around 1.1005 and 1.0995. The GBP/USD closed at 1.30705 after placing a high of 1.31724 and a low of 1.30564. Overall the movement of GBP/USD pair remained bearish throughout the day. At 14:30 GMT, the Flash Manufacturing PMI from Great Britain for January came in as 49.8 against the forecasted 48.8. Britain's Flash Services PMI for January exceeded the expectations of 51.1 and came in as 52.9, which supported British Pound. On the back of stronger than expected figures of PMI from the United Kingdom, the Sterling jumped to its highest level since January 7. The pair rose near 1.3173 level on Friday due to robust economic data from the British side. The Traders got fresh clues after the release of stronger than expected PIMI that Bank of England would not go for another rate cut in its next meeting. This gave strength to Sterling against the U.S. dollar and moved GBP/USD on the bullish trend. However, the bullish trend did not last for long, and the pair GBP/USD started to fell due to the strength of the U.S. dollar across the board. The U.S. dollar had a buying interest in the market on Friday due to an increase in prices of Dollar Index, which was above 98 level on Friday. The strength of Dollar was gained by the surprising expansion of the U.S. Services sector in January. At 19:45 GMT, the Flash Services PMI from the United States came in as 53.2 against the expected 52.9. The strong U.S. dollar weighed on GBP/USD pair and dragged its prices for 2nd consecutive day on Friday. Support Resistance 1.3028 1.3146 1.2984 1.322 1.2865 1.3338 Pivot Point 1.3102 On the 4 hour timeframe, the GBP/USD has violated the double top pattern, which was extending support around 1.3111. At the same time, the GBP/USD has closed Doji candles above 1.3111 resistance become support area, which is now likely to extend bullish bias until 1.3180 at first. Continuation of upward trend can lead the GBP/USD pair towards 1.3260 as well, but the pair has to breach above 1.3180 resistance area first. The GBP/USD may find support at 1.3035. All the best for today.

On the forex front, the U.S. Dollar Index slipped 0.1% on the day to 97.50. The EUR/USD gained 0.1% to 1.1095. The European Central Bank is expected to keep its monetary policy unchanged (deposit facility rate at -0.50% expected). Besides, the U.S. government bonds were steady, as the benchmark U.S. 10-year Treasury yield settled unchanged at 1.768%. The House Price Index for November declined to 0.2% from the expectations of 0.3% and weighed on the U.S. dollar. Let's monitor the ka Economic Calendar - Manufacturing PMI Figures In Focus   The BTC/USD has stayed with a bearish since the week began. Losses after losses have been incurred where the bearish influence has pushed its way thought crucial several support zones, including $8,800, $8,500 and $8,450. The BTC/USD is trading at $8,304 after continuing the decline below Thursday’s support, nearly $8,450. Looking back at the trend last week, Bitcoin surged from levels around $7,700 to highs close to $9,200. Support Resistance 8,544.55 8,761.56 8,450.08 8,884.1 8,233.07 9,101.11 Pivot Point 8,667.09 Bitcoin traded in line with our expectations as the bearish bias lead its prices toward an 8,294 level. The leading crypto pair is now facing strong resistance around 8,438, while support prevails around 8,270. A bearish breakout of this level can also extend the selling trend until 8,125, which marks resistance to become a support level. The 20 and 50 periods of EMA are suggesting odds of the bearish trend in the BTC/USD. The EUR/USD prices closed at 1.10542 after placing a high of 1.11087 and a low of 1.10363. Overall the movement of EUR/USD remained strongly bearish that day. On Thursday, EUR/USD remained on the back foot against the US dollar after European Central Bank kept its rates unchanged and gave signals that the loose monetary policy would continue until the end of this year. The ECB launched its first “strategic review” since 2003 to assess its formulation of price stability, which means to check whether the inflation target set by ECB was still appropriate. ECB said that the Net asset purchases, which is a part of the quantitative easing program that started in November 2019 with a monthly rate of 20B euros, will continue to run as long as necessary. Christine Lagarde, the ECB President, said that lower interest rates would continue to be maintained until the inflation outlook reaches a level close but below 2% target. The Strategic Review launched by ECB will be concluded at the end of 2020 and will include the tool kit of monetary policy, economic & monetary analyses, and quantitative formulation of price stability and communication practices. The European Central Bank in the tenure of Mario Draghi cut its interest rates in September 2019 by ten basis points and introduces a quantitative easing program to stimulate the Eurozone economy and achieve the inflation target set by the bank. Lagarde, on Thursday, said in a press conference that risks to the Eurozone economy tilted to the downside. But she also narrated that some of the uncertainty surrounding international trade has decreased, and due to this, the downside pressure on the euro area growth outlook has decreased to some extent. After the speech of Lagarde, the EUR/USD pair dropped to its lowest level since 2nd December at 1.10363 amid the hints that monetary policy will remain loose till the end of the year. On the data front, at17:45 GMT, the Main Refinancing Rate from ECB remains unchanged at 0.0%. At 19:55 GMT, the Consumer Confidence from the Eurozone for January remained flat with the expectations of -8. And from the American side, the unemployment claims for last week dropped to 211K against the expected 214K and supported the US dollar. However, at 20:00 GMT, the Leading Index for December fell to -0.3% from expected-0.2% and weighed on the US dollar. Support Resistance 1.1025 1.1098 1.10994 1.1140 1.10952 1.1170 Pivot Point: 1.1067 As anticipated earlier, the EUR/USD has violated the double bottom area of 1.1070 and has to lead the direct currency pair towards the 1.1030 level. In the daily timeframe, the EUR/USD has closed bearish engulfing candles along with a 50 EMA bearish crossover, which signals the odds of further selling trend in the EUR/USD. Besides, the EUR/USD has also violated the upward trendline, which supported the pair around 1.1070, and now the same level is likely to work as a resistance. On the lower side, the EUR/USD can go after 1.0990 today. The GBP/USD closed at 1.31207 after placing a high of 1.31507 and a low of 1.30969. Overall the movement of GBP/USD pair remained bearish throughout the day. Finally, this time for real, Brexit is happening officially. Boris Johnson’s Brexit deal became law on Thursday after clearing all the hurdles in the UK parliament and receiving royal assent. Queen gave approval to Brexit in a short announcement and made the Brexit Bill as a law. On Wednesday night after more than three years of disputes on how, when, and if Brexit would go ahead, the revised Brexit deal of PM Boris Johnson got approval in the UK’s Parliament. However, the bill yet requires to be signed by the European Union, but it could be done in the time between the UK is set to leave the EU on 31st January. The consent vote in the EU parliament would take place on 29 January. Apart from Brexit concerns, the Bank of England is scheduled to hold its first monetary meeting on 30th January. There are various opinions in the market regarding the expectations of traders about a rate cut from the Bank of England in the upcoming session. The stronger than expected wage growth figures on Tuesday have trimmed the BoE’s rate cut expectations this week. Moreover, the PMI data to be released on Friday will be the focus of attention for Pound traders in order to anticipate the BoE’s decision. Ahead BoE’s meeting and in the absence of any significant economic data from the United Kingdom, the GBP/USD pair’s movement was dragged by the uncertainty that how will Brexit trade negotiations go between UK & EU. The fact that the UK will definitely be leaving the European Union on 31st January clicked traders with the reality of Brexit, which will weigh on the UK’s economy. Leaving the single market and customs union will clearly cause some dislocation in Britain’s economy. The pair GBP/USD suffered on Thursday on the back of Brexit reality check by traders. Support Resistance 1.3092 1.3147 1.3067 1.3177 1.3038 1.3201 Pivot Point: 1.3122 On the 4 hour timeframe, the GBP/USD has violated the double top pattern, which was extending support around 1.3111. At the same time, the GBP/USD has closed Doji candles above 1.3111 resistance become support area, which is now likely to extend bullish bias until 1.3180 at first. Continuation of upward trend can lead the GBP/USD pair towards 1.3260 as well, but the pair has to breach above 1.3180 resistance area first. The GBP/USD may find support at 1.3035. All the best for today.

On the forex front, the U.S. Dollar Index slipped 0.1% on the day to 97.50. The EUR/USD gained 0.1% to 1.1095. The European Central Bank is expected to keep its monetary policy unchanged (deposit facility rate at -0.50% expected). Besides, the U.S. government bonds were steady, as the benchmark U.S. 10-year Treasury yield settled unchanged at 1.768%. The House Price Index for November declined to 0.2% from the expectations of 0.3% and weighed on the US dollar. Let's monitor the ka Economic Calendar - ECB Monetary Policy In Focus On Thursday, Bitcoin stays over $8,500 after the support at $8,600 gave in to the selling price action. The bearish revision could be a reflex action to create a new demand for BTC in a bid to push towards $9,200. Bitcoin is likely to sink deep towards $8,400 (possible support). The leading technical indicator, the Relative Strength Index, has entered into the oversold region flags that selling is at its height. In the case of both $8,500 and $8,400 grant to the selling pressure, Bitcoin will gain added support at $8,250 and $8,000, respectively. Support Resistance 8,544.55 8,761.56 8,450.08 8,884.1 8,233.07 9,101.11 Pivot Point 8,667.09 The BTC/USD is trading slightly bearish today at 8,555 with immediate support around 8,530. Violation of this candle can drive the selling trend until 8,465, while the resistance stays around 8,650 today. Overall, the BTC/USD is exhibiting sideways trend, and we may see a continuation of sideways trading until the pair breaks out of these support and resistance areas. Bearish bias seems stronger today. The EUR/USD closed at 1.10920 after placing a high of 1.10983 and a low of 1.10701. Overall the movement of EUR/USD prices on that day remained bullish. EUR/USD pair dropped in the early trading session on Wednesday amid strong US dollar, but it started to rise in late-session ahead of ECB’s first monetary policy meeting for the year. At 19:00 GMT, the US House Price Index for November showed a decline to 0.2% from the expected 0.3% and weighed on the US dollar. However, at 20:00 GMT, the Existing Home Sales from the United States for December increased to 5.54M from the expected 5.43M and supported the US dollar. The pair after a sharp increase in existing home sales from the US dropped, and the fall was then supported by the expectations that European Central Bank policymakers would give cautious comments on Thursday’s meeting. The European Central bank previously said that they would hold their monetary policy in the next meeting as well. But there are expectations in the market that, like Bank of Japan, due to the phase-one trade deal agreement between the US & China, the ECB would also acknowledge that the downside risks have subsided to some extent. The latest survey by the German ZEW research institute on Monday revealed that the investor’s mood improved more than expected in January, which raised hopes that Europe’s economy would recover now after the US & China signed on a phase-one trade deal. However, the survey only suggested an improvement, but in actual economic activity, it has not been evident yet, so the risks still remain in the market about Eurozone economic growth. The Eurozone economy has been struggling despite desperate attempts from ECB to stimulate more lending. The demand for bank loans by the companies falls for the first time in six years in the final quarter of 2019. The demand for loans dropped because of lower investment needs and the broader availability of alternative finance. However, the New President of ECB, Christine Lagarde, is expected to keep monetary policy unchanged this Thursday. Support Resistance 1.1077 1.1106 1.1060 1.1116 1.1049 1.1134 Pivot Point: 1.1088 The EUR/USD has also stuck in a sideways trading range ahead of ECB rate decision today. The pair is trading around 1.1086 level with immediate support around 1.1076 and resistance of 1.1095. Both of these levels are temporary, as we may experience a breakout on the release of ECB rate decision. A bullish breakout of a 1.1095 resistance level can drive more buying until 1.1125. Conversely, the bearish breakout of 1.1076 can lead EUR/USD towards 1.1035. The GBP/USD closed at 1.31390 after placing a high of 1.31527 and a low of 1.30345. Overall the movement of GBP/USD remained strongly bullish throughout the day. The British Pound surged by over half a percent on Wednesday against the US dollar after the release of Industrial Order expectations from CBI and the increasing spending from the new government. The hopes for a further rate cut from Bank of England further dropped after these reports released and supported British Pound. At 14:30 GMT, the Public Sector Net Borrowing from the United Kingdom for December showed a decline to 4.0B against the expectations of 4.5B and supported Britain Pound. At 16:00 GMT, the Industrial Order Expectations from the Confederation of British Industry for January exceeded to -22 from the expected -25 and supported British Pound. The monthly survey from CBI of the manufacturing companies showed that industries are entering the New Year with more enthusiasm because of the raised optimism after the US & China moved one step closer towards solving their trade conflicts. According to the CBI’s Deputy Chief Economist, Anna Leach, firms were planning to invest more in plants & machinery, which will ultimately help in increasing capacity & output. The positive data and positive comments from the United Kingdom supported the hopes that Bank of England would not go for another rate cut, and hence British Pound rose to its 2-weeks highest level around 1.31500. On the U.S. side, the House Price Index for November declined to 0.2% from the expectations of 0.3% and weighed on the US dollar. The weak US dollar added to the downfall of GBP/USD prices on Wednesday. On Brexit front, the EU bill, which covers the way for Great Britain to leave the bloc on 31st January, is now waiting for royal approval. The European parliament will meet on 29 January to debate the agreement. The terms for Brexit Agreement, including the rights of EU nationals in the UK and arrangements for Northern Ireland, will be discussed in the EU parliament. The UK will officially leave the European Union on 31st January after more than three and a half years when the country voted to leave from the bloc in June 2016. Support Resistance 1.3069 1.3186 1.2994 1.3228 1.2952 1.3304 Pivot Point: 1.3111 On the 4 hour timeframe, the GBP/USD has violated the double top pattern, which was extending support around 1.3111. At the same time, the GBP/USD has closed Doji candles above 1.3111 resistance become support area, which is now likely to extend bullish bias until 1.3180 at first. Continuation of upward trend can lead the GBP/USD pair towards 1.3260 as well, but the pair has to breach above 1.3180 resistance area first. On the lower side, the GBP/USD may find support at 1.3035. All the best for today.

The U.S. Dollar Index stayed range-bound on Tuesday, closing flat on the day at 97.61. German ZEW Indicator of Economic Sentiment climbed 16 points to 26.7 in January to place the highest mark since July 2015. The ZEW data confirmed the economy hit the lowest point in the last quarter of 2019 and is witnessing a rebound. Later today, U.S. existing homes sales are anticipated to increase to an annualized rate of 5.43 million units in December. The U.S. government bonds were in demand, as the benchmark U.S. 10-year Treasury yield sank to 1.768%, its lowest level since December 3, from 1.834% last Friday. Economic Calendar - U.K. Labor Canadian Rate Decision In Focus   On Wednesday, the BTC/USD has seen some volatility following a dip of as low as $8,400 before swiftly rising towards $8,800. This dip and consequent growth validate the massive volume of support that endures right below BTC's current trading level, and it can bolster Bitcoin's demand. The BTC/USD survived to close over 8,654. The leading crypto pair is consolidating above 8,640, with next support around 8,600 and resistance at 8,730. On the higher side, 8,845 is a key beneath which the BTC/USD is expected to keep the bearish momentum. BTC/USD - Daily Technical Levels Support Resistance 8,549.34 8,831.08 8,377.32 8,940.8 8,095.58 9,222.54 Pivot Point 8,659.06 The BTC/USD has violated the double top resistance level of 8680, which is now likely to support the pair. Violation of 8680 has opened further room for buying until 8,835. On the lower side, BTCUSD may go after 8510 on bearish breakout of 8680. The bullish bias remains solid today. The EUR/USD currency pair found on the slippery ground after rejection above 1.11 on Tuesday despite the Upbeat German data. As of writing, the EUR/USD currency pair is trading at 1.1083 and consolidates in the range between the 1.1077 - 1.1087. As we already mentioned that the EUR/USD hit the high of 1.1118 during the European trading hours on Tuesday in the wake of the positive German data report, but later the pair got rejection above 1.11 and dropped to 1.1077 range. At the data front, the German ZEW Indicator of Economic Sentiment climbed 16 points to 26.7 in January to place the highest mark since July 2015. The ZEW data confirmed the economy hit the lowest point in the last quarter of 2019 and is witnessing a rebound. The EUR/USD currency pair bullish level above 1.11 was not long-lived. The pair closed the day with 0.11% losses, creating an inverted hammer and confirming a head-and-shoulders breakdown on the daily chart. Looking forward, Italy's Business Climate, Industrial Sales, and Industrial Orders for November are scheduled to release today. However, these data could not influence the market. The U.S. housing data is expected to release and will likely leave the impact on the U.S. Dollar. Support Resistance 1.1069 1.1106 1.1057 1.1131 1.102 1.1168 Pivot Point 1.1094 The EUR/USD has formed a double bottom level at the 1.1075 area, which is currently supporting the EUR/USD prices. Closing of Doji candle above this area is likely to extend the bullish trend until 1.1093, which is a most crucial level today. A bullish breakout of this level can drive further buying until 1.1110.   GBP/USD - Descending Triangle The GBPUSD currency pair continues to flash green and still found on the recovery track for the 2-consecutive days mainly due to the upbeat U.K. fundamentals and the greenback weakness while the pair did not give any response to the Brexit uncertainty so far. As of writing, the GBP/USD currency pair is currently trading at 1.3060 and consolidates in the range between the 1.3035 - 1.3060. As we already mentioned that the House of Lords rejected 3-bills of the United Kingdom Prime minister Boris Johnson's regarding the Brexit departure agreement. It is worth to say that this was the 1st parliamentary defeat for the ruling Conservative after the general election. On the flip side, the statement came from the U.K. Express that the European Union is preparing for a hard deal with the United Kingdom. However, it was straightforward to judge the regional leader's recent behavior, and this news could weigh on the Brexit talks between the United Kingdom and the European Union. Apart from the Brexit news, the United States President Donald Trump's impeachment and the explosion of the coronavirus in China still weighing on the market risk-sentiment. Whereas, the U.S. ten-year treasury yields rose by 2-basis points (bps) top 1.79% by the time of writing. Notably, the traders prefer safe-haven investment due to the risk-off market sentiment. Support Resistance 1.3003 1.3091 1.2955 1.3132 1.2867 1.322 Pivot Point 1.3043 The GBP/USD's sideways trend continues as the pair is stuck in between 1.3096 - 1.3040. Presently, the GBP/USD is finding support near 1.30400, and it needs to be violated to have a more bearish trend in the GBP/USD. Below this level, the GBP/USD may find the next support around 1.2960. On the higher side, the GBP/USD can trade bullish above 1.3040 level today with a target of 1.3090 as the RSI and Stochastics remain in the bullish zone, and 50 EMA also supports the bullish bias. All the best for today.

On the forex front, the U.S. Dollar Index was little changed on the day at 97.61 amid thin holiday trading. The EUR/USD was broadly flat at 1.1095. Later today, the German ZEW Current Situation Index for January will be released (-13.5 expected). The ZEW survey results in January will be released for Germany (current situation at -13.5, expectations at 15.0 expected) and the Eurozone. Economic Calendar - U.K. Labor Market Figures In Highlights The price is resting on significant daily support; failure to continue would suggest a strong stream of selling pressure. It should be noted at $8600-500 range. Price action is driving within a possible bearish flag structure, directed to a violation on the south side. It is also worth seeing that this $8600-500 is a fair demand zone; there may be an opportunity for the bulls to jump. Overall, the Bitcoin price is holding in the bearish zone, down some -0.90% in the other half of the session. The BTC/USD is consolidating within a significant daily support area, $8600-500 range. The BTC/USD hasn't changed much so far as it continues to trade with sideways, following the same technical levels. A day before, the BTC/USD plunged lower to hit a low of 50% Fibonacci retracement level at 8,450. BTC/USD - Daily Technical Levels Support Resistance 8,735.08 8,974.19 8,632.13 9,110.35 8,393.02 9,349.46 Pivot Point 8,871.24 The BTC/USD managed to close higher above 8,654. At the moment, the leading crypto pair trading at 8,640 with immediate support around 8,600 and resistance at 8,730. On the higher side, 8,845 is a key below which the BTC/USD is likely to maintain the bearish momentum today. The EUR/USD prices were closed at 1.10944 after placing a high of 1.11024 and a low of 1.10766. Overall the movement of the EUR/USD pair remained bullish throughout the day. The EUR/USD pair on Monday dropped to its multi-week lowest level below 1.1077 but reversed its movement in late session to end its trading day with a bullish candle. Due to a lack of economic data from the American side amid the U.S. holiday on Martin Luther King Jr. Day, the greenback followed its previous day movement and remained stable across the board. The U.S. Dollar Index measures the value of the U.S. dollar against the basket of six currencies gained on Monday and moved to 97.70, its highest level of the month. Last week's strong economic data and the expectations of monetary policy from the Federal Reserve have been giving support to the U.S. dollar and made it stronger across the board. The strength of the U.S. dollar against its rival currency Euro dragged down the pair EUR/USD on Monday in earlier sessions. The pair EUR/USD dropped to its lowest level since December 25 amid strong U.S. dollar. However, the downward trend did not continue for long and reversed after the release of data from the European side. At 12:00 GMT, the German Producer Price Index (PPI) showed an unexpected increase in December to 0.1% against the expectations of 0.0% and supported the single currency Euro. However, the U.S. traders after a holiday will re-enter in the market and take their positions; meanwhile, they will also focus on the release of U.S. housing figures on Wednesday, which will indicate the position of U.S. economy. Support Resistance 1.1081 1.1107 1.1066 1.1118 1.1055 1.1134 Pivot Point: 1.1092 On the 4 hour timeframe, the EUR/USD is trading at 1.1096, having formed a bullish engulfing pattern. The bullish engulfing pattern is suggesting the odds of a bullish trend in the EUR/USD. The EUR/USD can show bullish correction until 1.1106 and 1.1112 before showing further selling. GBP/USD - Descending Triangle The GBP/USD pair was closed at1.30076 after placing a high of 1.30137 and a low of 1.29618. Overall the movement of GBP/USD pair remained bullish throughout the day. During the trading session on Monday, GBP/USD initially fell and then recovered a bit in later sessions. The pair has remained under pressure in the past few weeks, mainly due to the strength of the U.S. dollar and the dovish expectations from Bank of England. The pair has been continuously dropping over these two significant factors for the past three weeks. So, it has raised the question of how much of the possible rate cut by BoE is already priced in the market. After the officials from the bank of England shifted towards rate cut due to back-to-back weak data releases from the British side, the drop in U.K.'s Retail Sales on last Friday added in the broad-based selling of Sterling. In an early trading session on Monday, the pair was following its previous day's movement, which was dragged by the improving outlook of the U.S. economy and the dovish stance of the U.K.'s Central Bank. However, the GBP/USD pair started to move in an upward direction in late sessions on Monday after the Brexit plans of Boris Johnson hit a hurdle. The upper chamber of the U.K.'s Parliament told the government to provide physical proof to European Union citizens who live in the U.K. The proof will be of their right to remain in the U.K. after the country leaves the whole bloc. The government after the elections has lost three votes in the Parliament on Monday for the first time to amend the government bill that covers the way for Britain's departure from E.U. on January 31. The proof of residence was demanded to restrain E.U. citizens from severe disadvantage in dealing with the landlords and other officials after the departure of the U.K. from the bloc. Both houses of Parliament must pass the withdrawal agreement bill before January 31, the House of Commons has already voted in favor of this Bill, but the House of Lords has demanded two amendments in the Bill. However, on the other hand, the PM Boris Johnson on Monday told African leaders that the United Kingdom would be more open to migrants from the African continent after Brexit. He told the Presidents of Egypt & Kenya that he wanted to make Britain their investment partner of choice. As for the economic data, at 5:01 GMT, the Rightmove House Price Index from the United Kingdom for January was released, which came in as2.3% in comparison of December's -0.9%. There was a Holiday in the United States which limited the trade volume on Monday and hence gave a light movement to GBP/USD pair. Support Resistance 1.2975 1.3023 1.2945 1.3043 1.2926 1.3072 Pivot Point: 1.2994 The GBP/USD extends its bearish trend after as it continues to hold below 1.3044 resistance mark. Right now, the Cable is getting support near 1.2960, and it needs to be violated in order to have a more bearish trend in the GBP/USD. The next support will be around 1.2904. Currently, the GBP/USD is holding at 1.2999, below 50 periods EMA which is suggesting odds of a bearish trend in the GBP/USD pair. Let's look for selling trades below 1.2994. All the best for today.

The U.S. official data showed that housing starts surged to an annualized rate of 1.608 million units in December, higher than 1.380 million units expected and the highest level since late-2006. The number of building permits posted 1.416 million units, lower than 1.460 million units expected. Economic Calendar - Martin Luther King Day Holiday! Bitcoin wonderfully realized the resistance at $9,000 over the weekend. For the very first time in the year 2020, the BTC/USD buyers managed not just to push the price over $9,000 but also increase the gains towards $9,200. Regrettably, the high reached at $9,196 market the end of the short rally. Nearly next reversal caught the momentum that delayed short of $9,200. Bitcoin spiraled, unbothered of the soft support at $9,000. The following essential support at $8,750 was penetrated sharply, ending in more declines towards $8,500. Support Resistance 8,735.08 8,974.19 8,632.13 9,110.35 8,393.02 9,349.46 Pivot Point 8,871.24 The BTC/USD fell dramatically lower to place a low of 50% Fibonacci retracement level of 8,450. Later it managed to close higher above 8,654. At the moment, the pair is trading at 8,650 with immediate support around 8,600 and resistance at 8,730. On the higher side, 8,845 is a key below which the BTC/USD is likely to maintain the bearish momentum today. Today in the early Asian session, the EUR/USD currency pair was found on the recovery track near the 1.1100 level ahead of ECB's President C. Lagarde's speech. As of writing, the EUR/USD currency pair is currently trading at 1.1089 and struggling to hit the 1.1100 level. By the way, the pair's day consolidation range is 1.086 - 1.1103. The EUR/USD pair came under heavy selling pressure during the Friday in the wake of the sharp pick-up in the greenback, mainly due to the positive results from some U.S. indicators, higher yields, and the prevailing risk-on sentiment. At the data front, the German Producer Prices increased by 0.1% during December and decreased by 0.2% from a year earlier. Later in the European evening, ECB's President, Christine Lagarde, is scheduled to speak in the Euro group meeting in Brussels and will attend an event in Germany. The EUR/USD pair dropped and hit the 55-day SMA last week, mainly due to the greenback movements. Meanwhile, it is the probability that the 1.1180 regions will likely be a high-level today. It should be noted that the holiday in the U.S. stands to keep trading sentiment and volatility, light for the session ahead. But more importantly, the ECB is scheduled to meet later in the week. The traders in the market are mostly in the waiting mood for placing meaningful speculative positions until after getting transparency on the bank's latest monetary policy stance. Support Resistance 1.107 1.1125 1.1051 1.1161 1.0996 1.1216 Pivot Point 1.1106 The EUR/USD is consolidating at 1.1086, having completed a bearish engulfing pattern. The bearish engulfing pattern is proposing the chances of a bullish trend in the EUR/USD. The EUR/USD can show bullish correction until 1.1106 and 1.1112 before showing further selling. The EUR/USD may find next support around 1.1065 and violation of which can lead EUR/USD prices towards 1.1045. Whereas, the bullish breakout of 1.1106 can drive buying until 1.1140. w   The GBP/USD currency pair remained under pressure and dropped below the 1.3000 level mainly due to the rising chances of the Bank of England rate cut, as well as the recent negative headlines regarding Brexit also gave some fresh bearish pressure to the pair. As of writing, the GBP/USD currency pair is currently trading at 1.2984 and consolidates in the range between the 1.2981 - 1.3000. As we know, the uncertainty surrounding the market increased due to the comment of the United Kingdom Finance Minister, Sajid Javid that. Britain was planning to shift its economy further from the European Union. Whereas another news from the U.K. Express also threatened the Brexit optimism. The report revealed that the United Kingdom Prime Minister Boris Johnson has planned to impose restrictions on low-skilled E.U. migrants on the first day after the Brexit departure period ends in December 2020. This news will increase difficulties between the United Kingdom and European Union talks and will increase the chance of hard Brexit as well. At the data front, the negative figures of the U.K. Retail Sales, which were released on Friday, entertained the Bank of England doves before the month-end meeting regarding monetary policy. At the beginning of the month, the Bank of England Governor Mark Carney showed fears of Brexit and renewed risks of a rate cut from the British central bank. On the other hand, the greenback continues to flash green because of favorable economic forces, which made U.S. Federal Reserve rethink their "wait and watch" strategy. Whereas the market risk-sentiment is still inactive in the wake of lack of U.S. traders and significant data /events on the economic calendar. Looking forward, traders will keep eyes on the trade/Brexit headlines for fresh impulse while Tuesday's headlines employment data from the U.K. will be the key to watch. Therefore, traders will keep their eyes on the Brexit and trade headlines for taking fresh direction while the Tuesday employment data report from the U.K. will remain on top of traders' radar. Support Resistance 1.2969 1.3085 1.2928 1.316 1.2812 1.3276 Pivot Point 1.3044 The GBP/USD has traded bearishly after violating the pivot point level of 1.3044. Right now, the Cable is gaining support around 1.2960, a violation of which is likely to lead GBP/USD prices towards 1.2904. Currently, it's trading at 1.2998, just above the horizontal support level of 1.2960. Below this, the GBP/USD may find the next support around 1.290. The RSI and Stochastic of GBP/USD are holding in the bearish zone, suggesting chances of a bearish trend in the Cable. Let's stay bearish under 1.3040 today. All the best for today.

The Consumer Price Index (CPI) for December rose 0.2% as expected, and the Core Consumer Price Index (CPI) in December dropped to 0.1% from expected 0.2% ad weighed on the U.S. dollar. After the release of Core CPI from the United States moved EUR/USD prices a bit upward to recover some of its day's losses. The weaker than anticipated Core CPI from the U.S. added in the upward movement of GBP/USD and EUR/USD pairs on Tuesday. Economic Calendar - U.K. Inflation In Highlights the Spotlight The bullish bias in BTC/USD proceeds to stimulate bullish momentum in the market. Currently, the BTC/USD pair is trading at 8,575. Which marks a 61.8% Fibonacci retracement level. A bullish violation of this mark can stretch buying until 8,770. While support stays around 8,398 level today. Support Resistance 8,517.99 8,909.2 8,295.34 9,077.76 7,904.13 9,468.97 Pivot Point 8,686.55 Earlier today, the leading cryptocurrency surged to $8,848.92 before falling back to 8,686 zones. The BTC/USD has completed 38.2% Fibonacci retracement around 8,564 level, and this level is now supporting the Bitcoin prices. On the 4 hour timeframe, the pair seems to form a bearish engulfing candle. If this happens, we may see BTC/USD prices going towards 8,447 or even towards 61.8% Fibo level of 8,445. Let's keep an eye on 8,564 as Bitcoin can trade bullish above this level and bearish below this. The EUR/USD closed at 1.11272 after placing a high of 1.11444 and a low of 1.11042. Overall the movement of EUR/USD remained bearish throughout the day. On Tuesday, the EUR/USD pair traded low amid the drop in 10-year government bond yield in Eurozone. The fall in European bond yield made the single currency Euro less desirable against the U.S. dollar and dragged the prices of EUR/USD. The board member of the European Central Bank, Yves Mersch, said on Tuesday that the growth rate and Inflation appeared to be stabilizing after a significant fall last year. He noted that the accommodative monetary policy from the central bank proved to be the right decision. He said that the development could force the ECB for an early risk assessment to find out whether the growth risks still prevail or whether the growth was somehow more balanced now. The European Central Bank will hold its next meeting on January 23, and it is expected that ECB will keep its policy on hold for now. Furthermore, the macroeconomic data from the United States were mixed on Tuesday. The Consumer Price Index (CPI) for December rose 0.2% as expected, and the Core Consumer Price Index (CPI) in December dropped to 0.1% from expected 0.2% ad weighed on the U.S. dollar. After the release of Core CPI from the United States moved EUR/USD prices a bit upward to recover some of its day's losses. There was no macroeconomic data release from the Europe side on Tuesday, so the EUR/USD pair remained at the mercy of the U.S. dollar. On Wednesday, the French Final CPI, Trade Balance, and Industrial Production will be released, which will affect the movement of EUR/USD prices as traders will be keeping an eye on them for further investment. Support Resistance 1.1107 1.1147 1.1086 1.1166 1.1045 1.1206 Pivot Point 1.1126 The EUR/USD pair is also trading with a bullish bias in the wake of the weaker U.S. dollar. The pair is likely to find next resistance around 1.1149, while the immediate support stays around 1.1125. The bullish bias remains solid above 1.1125 today. The GBP/USD pair closed at 1.30157 after placing a high of 1.30330 and a low of 1.29541. Overall the movement of GBP/USD remained bullish throughout the day. After dropping to its lowest in weeks, the British Pound pulled back and recovered its early losses on Tuesday on the back of rising concerns about the economic state and possible rate cut this month by Bank of England. On Monday, when the policymaker from Bank of England said that he would vote for an Interest rate cut in the next meeting if there will be no improvement in economic data. The upcoming downside risk to Sterling made traders hold their positions in the market, which raised GBP/USD pair on Tuesday. On Brexit front, the E.U.'s Chief negotiator, Michel Barnier, on Tuesday said that under the Brexit deal negotiated with Boris Johnson, the border checks on trade inside the U.K. would be made. He confirmed that the checks & controls between Britain and Northern Ireland would be made according to the Brexit deal of Boris Johnson. Prime Minister of United Kingdom, Boris Johnson falsely claimed in his election campaigns that there would be no border checks on the Irish Sea. He was then accused of lying by the opposition parties, but Johnson insisted that he would not accept any circumstance which would lead to checks on goods going from Northern Ireland to Great Britain. The text of the deal signed in November revealed that there would indeed be checks on goods whether the PM had misunderstood the agreement or he was indeed lying to the public to win the elections. During his election campaigns, he was very definite that businesses would face no extra costs and checks for goods being exported from Northern Ireland to Great Britain. The former chief of staff, Theresa May, said that Boris Johnson's Brexit deal gave the European Union what it originally wanted regarding Northern Ireland. The closest advisor of Theresa May, Lord Barwell, noted that this would be bad for the European Union and its economy as it would create a border in the single market. Furthermore, on Tuesday, the British PM, Boris Johnson, refused the request of Scottish First Minister Nicola Sturgeon to give the powers to hold another Scottish Independence Referendum. She argued that with U.K. set to leave E.U. on January 31, the Scots deserve a new independence referendum because they were majorly against Brexit when most English voters supported it in 2016. Besides Brexit, there was no macroeconomic data released from the U.K., and from the American side, the Core Consumer Price Index (CPI) for December was declined to 0.1% from expected 0.2% and weighed on U.S. dollar. The weaker than anticipated Core CPI from the U.S. added in the upward movement of GBP/USD on Tuesday. Support Resistance 1.2972 1.3051 1.2924 1.3081 1.2845 1.316 Pivot Point 1.3002 The GBP/USD has traded mostly sideways below 1.3050 to .12950 zone. Currently, it's trading at 1.3029, just below the bearish trendline resistance, which falls at 1.3050. The RSI and Stochastic of GBP/USD have entered the overbought zone, which is suggesting odds of bearish correction in the GBP/USD prices. On the lower side, the pair is likely to find resistance around 1.3080 and support around 1.2950 and 1.2905. Let's keep an eye on the UK CPI figures to determine the next movement in the market. All the best for today.

The U.S. dollar opened the week held by faith on the Sino-U.S. trade aspect, while the pound staggered lower following weekend signs at an interest rate decreased from a BOE (Bank of England) policymaker. A U.S.-China trade agreement is expected to be employed at the White House on Wednesday, though rumors on a phase two-pack are expected to draw on for months. Economic Calendar - U.S. Inflation Under the Spotlight The BTC/USD price finished the week at $8,180, factoring an 11% gain for the week after grappling with violating the resistance at $7,600 during the month of November and December. On Monday, the BTC/USD price is down by 1%, but the bulls have maintained the $8K resistance. The total amount of market cap excluding BTC edged higher by 12.5% last week, indicating that altcoins are beginning to get some market portion from Bitcoin, which is vital given BTC's exciting week and counter to the general downtrend that has been in place since summer. Support Resistance 8,068.79 8,175.16 8,005.76 8,218.5 7,899.39 8,324.87 Pivot Point 8,112.13 The bullish trend in BTC/USD continues to drive bullish momentum in the market. Currently, the BTC/USD pair is trading at 8,575. Which marks a 61.8% Fibonacci retracement level. A bullish violation of this mark can stretch buying until 8,770. While support stays around 8,398 level today. The EUR/USD currency pair found on the bullish track and representing marginal gains on the day ahead of a consumer price index (CPI). As of writing, the EUR/USD currency pair is currently trading at 1.1136 and consolidates in the range between 1.1132 - 1.1142. Notably, the currency pair has faced multiple rejections between the 1.11340 and 1.1150 range. At the data front, China's trade data for December released in Asia and showed better-than-expected data on both imports and exports; this upbeat data is the sign of growing domestic and global demand conditions. Even after, the EUR currency failed to get support from this. Moving ahead, the cost of living in the U.S., as represented by the consumer price index (CPI), increased 0.3% month-on-month in December, the final data is scheduled to release at 13:30 GMT is forecasted to show. Whereas, the core CPI, which strips out food and energy, is seen rising 0.2%. Support Resistance 1.1115 1.115 1.1097 1.1166 1.1062 1.12 Pivot Point 1.1131 The EUR/USD is trading with a bullish bias around 1.1140 as the U.S. dollar seems to trade weaker ahead of the U.S. inflation report. Economists are expecting inflation report to be slightly more vulnerable, perhaps, that's the reason behind bullish bias in the EUR/USD today. The EUR/USD has crossed over the crucial trading level of 1.1135, and above this, the pair is likely to find resistance near 1.1160, which is extended by the bullish trendline, which was violated earlier. I will consider staying bullish above 1.1135 today with a target of 1.1165 and bearish below 1.1165 ahead of the news release. The GBP/USD currency pair struggling to extend its recovery rally above the 1.30 handle but faced rejection several times so far this Tuesday mainly due to greenback bullish movement. As of writing, the GBP/USD currency pair is currently trading at 1.2994 representing 0.6% gains but consolidates in the narrow range just below 1.3000. Notably, the pair is still struggling to beat the 1.30 rejection level and GBP bullish attempts remained limited mainly due to the greenback recovered some ground across the board. The U.S. Dollar found on the recovery rally and getting benefits from the improved U.S. Treasury yields in the wake of optimism surrounding the United States and China phase-one trade deal singing. On the other hand, the latest report came that the United States Trade Representative removed the currency manipulator tag for China this news also helped in increasing the risk-on market sentiment. At the GBP front, despite the big recovery from the 3-week low of1.2691, the GBP currency trader remained cautious from the bearish risk-sentiment due to the increased requests for a Bank of England rate cut as early as this September. Support Resistance 1.2955 1.303 1.292 1.3071 1.2845 1.3147 Pivot Point 1.2996 The GBP/USD is trading in line with our previous forecast. It's holding at 1.2970 after forming bearish engulfing candle on the 4-hour chart. Bearish engulfing represents a robust bearish bias of traders. On the lower side, the GBP/USD pair may find support near 1.2904 today. The 50 EMA is far away from the current market prices, and it's signaling bearish bias for the pair. Moreover, the RSI is also supporting the selling trend in the GBP/USD today. Let's look for selling trade below 1.2990 until the next target of 1.2910 today. All the best for today.