It cannot be said that producer prices in the United States had no impact on the market. There was some activity observed. However, it was quite limited in nature. Meanwhile, the fact that the producer price index rose from 0.8% to 1.0% contributed to some strengthening of the dollar. But before this, it had been declining. Just as insignificantly. In the end, the market situation essentially remained unchanged. It will continue to be stable today, solely for the simple reason that it is a holiday in the United States due to the celebration of Martin Luther King Jr. Day. So, the pound will continue to remain stable.
The GBP/USD currency pair is moving in the upper area of the sideways channel 1.2600/1.2800. This price fluctuation indicates an increase in the volume of long positions, but no radical changes are still observed on the trading chart.
On the four-hour chart, the RSI is moving in the 50/70 area, which corresponds to the price's position within the upper area of the flat.
On the same time frame, the Alligator's MAs are directed upwards. However, the MA lines and the price are within the boundaries of the flat.
Outlook
Trading within the boundaries of the sideways channel continues among traders. The tactic of the price rebounding from one of the control levels is possible until the end of the sideways formation. It is worth noting that the flat is a temporary manifestation of the price. The main tactic of working in the channel is considered to be the breakout method, in which the market participants' sentiment regarding subsequent price movement is identified.
The complex indicator analysis in the short-term and intraday periods indicates an upward sentiment in the structure of the flat.