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The European Central Bank (ECB) expectedly kept the base rate at 0%, the rate on short-term loans remained at the level of 0.25%, the deposit rate was -0.5%. The regulator noted that they would not take drastic steps on monetary policy. Thus, the ECB once again confirmed that it is not yet ready to increase the refinancing rate.
During the American trading session, the consumer price index in the United States was published, which accelerated growth to 7.9% from 7.5% in January. U.S. inflation is at its highest since February 1982.
The market reaction to such important events took place, but only locally. After some time, dollar positions again proved to be the most demanded in the market.
The EURUSD currency pair completed a corrective move near the lower resistance level of 1.1120/1.1180. This led to a reduction in the volume of long positions and, as a result, to a price reversal.
The GBPUSD currency pair, after a slight pullback, rushed down again. This led to a renewal of the local low of the downward trend and the price approaching the psychological level 1.2950/1.3000/1.3050.
Today at 07:00 UTC, data on industrial production in the UK were published, the growth rate of which accelerated from 0.4% to 2.3%. It is worth considering that these are January applicants, which means that they no longer matter in the current situation.
It can be assumed that a stable price hold below the 1.0990 mark will increase the sellers' chances of a subsequent downward move. In the future, this step may lead to touching the 1.0800 support level.
An alternative market development scenario will be considered by traders if the price returns above 1.1030 in a four-hour period. In this case, another touch of the resistance area 1.1120/1.1180 is possible.
At the moment, special attention is paid to the psychological level, as the quote moves within its deviation. The first priority is to touch the 1.3000 mark, but in order to keep the pace set in the market, the quote needs to consolidate below the value of 1.2950 at least in a four-hour period. Otherwise, a reduction in the volume of short positions and, as a result, stagnation is not ruled out.
A candlestick chart view is graphical rectangles of white and black light, with sticks on top and bottom. When analyzing each candle in detail, you will see its characteristics of a relative period: the opening price, closing price, and maximum and minimum prices.
Horizontal levels are price coordinates, relative to which a stop or a price reversal may occur. These levels are called support and resistance in the market.
Circles and rectangles are highlighted examples where the price of the story unfolded. This color selection indicates horizontal lines that may put pressure on the quote in the future.
The up/down arrows are the reference points of the possible price direction in the future.
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