FX Week Ahead (Jan 18-22): GBP's Busy Week

• Euro is expected to remain broadly pressured this week.
• EUR/USD's corrective rise from 1.4217 might be completed at 1.4578 already and further fall should be seen to retest this support.
• EUR/JPY's rise from 127.50 should have be completed at 134.36 on a small head and shoulder top pattern and deeper fall should be seen to 126.88/127.50 support zone.
• EUR/GBP has also broken out of recent range to resume the decline from 0.9410.
  
• Crude oil has already made a short term to at 83.95 last week and is set to have some more pull back this week.
• The focus will be on whether Gold's recovery from 1075 has completed at 1163 last week. A break of near term support of 1120 will likely trigger some selling in gold to retest 1075 and thus give dollar a boost to has a broad based rally.
• Sterling: Some important data will be released this week, including CPI, employment and retail sales, together with BoE minutes. Main focus will be on whether these events would push the sterling further higher, or will they trigger a near term reversal in the pound.
• Tuesday: UK CPI; German ZEW; BoC rate decision; US TIC capital flow; NZ CPI
• Wednesday: UK job report, BoE minutes; Canada CPI, US new residential construction, PPI; NZ retail sales
• Thursday: Eurozone PMIs; Swiss ZEW; US Philly Fed index, Leading indicators
• Friday: UK retail sales; Canada retail sales