Euro is near the upper border of the previously formed range, while pound, which recently jumped out of the lower boundary, attempted to return to it. Clearly, the price movements are incredibly modest, and there is a huge chance that this situation will be the same today as markets are still calm due to the holidays and there is a completely empty macroeconomic this week. There is nothing to worry though as sooner or later, there may be a breakout in EUR/USD as it has been trading flat for quite a long time, stuck within the range of 1.0580/1.0660.
In GBP/USD, quotes have reached the psychological level of 1.2000, but the decrease in the volume of short positions is likely to prompt a rebound unless traders keep the pair above 1.2150. Otherwise, it will return to 1.2000, which could prolong the correction.