It's not surprising that the market is simply stagnant. Not only is the economic calendar completely empty, but traders are also focused on a few other things, quite detached from the global economy. However, this cannot go on forever. Especially since macro data will be published today. And we're not talking about some insignificant data, but about durable goods orders in the United States, which are expected to fall by 0.9%. This means that consumer activity is somewhat declining. Following that, inflation will continue to slow down. So this could prove to be disadvantageous for the dollar today, and the greenback may depreciate.
The GBP/USD pair has once again rebounded from the support level of 1.2700. However, there have been no significant changes on the trading chart, and the quote is still around the low end of the corrective cycle.
On the four-hour chart, the RSI technical indicator is hovering along the 50 midline, indicating a flat.
On the same time frame, the Alligator's MAs are headed downwards. This is a residual signal from the corrective move.
Outlook:
The sideways movement between 1.2700 and 1.2750 can serve as a consolidation phase, during which sharp price changes are possible. The most optimal tactic would be a breakout strategy based on the range.
In terms of the complex indicator analysis, we see that in the short-term and intraday period, technical indicators are giving mixed signals due to the flat phase. In the medium-term, the indicators are pointing to an upward cycle.