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Bearish Bias for GBPUSD

The GBPUSD currency pair experienced a rebound from the 1.2518 level as market participants reacted to a mix of economic data releases from the United Kingdom and the United States, respectively. The total value of goods and services produced in the UK contracted for two consecutive quarters, leading to discussions of a potential economic recession. In contrast, the advance estimates of the US Retail and Food Services Sales for January 2024 were $700.3 billion, down 0.8 percent from the previous month. The sales figure, excluding automobile sales, indicated a decline of 0.6%, significantly lower than the expected 0.2% rise.
The Pound Sterling is technically following a declining trend. However, the rate of deceleration is insufficient to drive it towards further depreciation as it stands.
Traders will closely monitor the currency pair today due to significant economic data releases and their potential impact on currency valuations.

USDJPY Surged Amid Higher Consumer Figures

The USDJPY is rallying amid yesterday's release of the January Consumer Price Index for All Urban Consumers,  surpassing economists' expectations of "softer" inflationary figures and increasing global geopolitical tensions. The most awaited CPI report brings disappointment to those anticipating a decline in inflation, which would have enabled the  Fed to initiate rate cuts before long. Traders will monitor the currency pair closely this week due to significant economic data releases and their potential impact on currency valuations.

Gold Trapped in Consolidation Pattern

After reaching an all-time high of 2090.49 on December 4 of last year, Gold is consolidating in a symmetrical triangle pattern, looking for direction amid increasing global geopolitical tensions, the strengthening of the US Dollar, and the upcoming release of the consumer inflation figures.

Crude Oil Looking for Direction

Crude Oil futures have managed to maintain a position of $73.386 per barrel yesterday despite significant pressure that led to a decline in the black gold to 71.360, which marked a fresh low since January 18 of this year.

EURUSD Bearish Momentum Prevails

The EURUSD concluded the week on a negative note, reaching a closing rate of 1.07860 on Friday.