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FX.co ★ 25.01.2022: Pound sterling crashes. Outlook for EUR/USD and GBP/USD.

25.01.2022: Pound sterling crashes. Outlook for EUR/USD and GBP/USD.

Yesterday, the pound sterling showed a decline. Today, it is stagnant and there are signs of a possible rebound. Meanwhile, the euro is inching down. Investors are waiting for the results of the FOMC meeting.Notably, today, the macroeconomic calendar is absolutely empty. It seems that the current market situation is more favorable for a rise in the US dollar than in the euro or the pound sterling. This could be explained by the FOMC meeting that is scheduled for tomorrow. There is a great deal of speculation about it. The main question is whether the Fed decides to raise the key interest rate in January or not. Such discussions are boosting the greenback. For the last week and a half, the euro has dropped by more than 170 pips against the US dollar. As a result, the euro lost more than 50% of its gains during the correction. The number of dollar positions is gradually increasing. It means that the downtrend, which began in June of 2021, could continue. It is quite possible that the market sentiment will remain bearish. As a result, the euro may approach the level of 1.1270, where earlier, the number of short positions dropped. If the price breaks the support level, sellers may push it down to 1.1230. A rapid decline in the pound/dollar pair accelerated the corrective movement from the local high of 1.3747 recorded on January 13. As a result, the British pound has depreciated by 300 pips. It means that the pair may resume its upward movement that took place from December 20 to January 13. On the short-term periods, we see that the pound sterling is oversold. This may slacken the drop and lead to a technical rebound. To prolong the downward movement, the price should renew the local low hit yesterday.

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