Yesterday, the GBP/USD pair increased up towards its resistance level, however once the pair test the resistance to break above, the pair lost momentum and declined back.

The movement remained sideways before today’s UK labor data releases.

At 9:30am GMT the UK Claimant Count Change, Unemployment rate and Average Earning Index will come out. The prediction is to see slightly worse figures that last month which may push the pair back to the support line. The movement is sideways.

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Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:

1) ECB Countdown

The European Central Bank is widely expected to unveil plans for massive bond purchases when it meets on Thursday. A Fed-style quantitative easing program is the last big weapon in the central bank's arsenal to boost the region's ailing economy and revitalize financial markets.

2) Gold Rallies

Anticipation of a move by the ECB is driving up gold prices. The precious metal is trading above $1,300 an ounce -- its highest level 5 months. Gold benefits from bets from money printing as the commodity is seen as a safe store of value and a hedge against inflation.

3) Earnings & Economics

American Express (AXP) and eBay (EBAY, Tech30) will post earnings after the closing bell. On the economic front, the US Census Bureau reports monthly housing starts and building permits at 8:30am ET.

4) Market Recap

US markets notched slim gains Tuesday, with the S&P 500 up 0.2% and the Nasdaq adding 0.4%. The Dow Jones industrial average was steady.

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What is it? It's among the primary method the BOC uses to communicate with investors regarding monetary policy. It covers in detail the factors that affected the most recent interest rate decision, such as the overall economic outlook and inflation. Most importantly, it provides clues regarding future monetary policy.

When? January 21^st at 11:15am Eastern Time.

Trading Tip: If the announcement will hint towards higher interest rates, you can expect the CAD to rise.

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