EUR/USD consolidates at 1.0850 awaiting ECB; GBP/USD and USD/JPY quiet

EUR/USD maintained a narrow trading range around 1.0850 as markets awaited the European Central Bank's rate decision, with minimal volatility across major pairs. GBP/USD held steady near 1.2650, while USD/JPY consolidated around 151.50, and USD/CHF traded quietly at 0.9050. The subdued price action reflects traders' caution ahead of the ECB announcement, with a 25 basis point cut already priced in. Market participants are more focused on forward guidance and any hints about the pace of future easing. Technical analysis shows EUR/USD respecting the 1.0830-1.0870 range, with a breakout likely post-ECB. The lack of momentum in GBP/USD and USD/JPY suggests broader market uncertainty. Traders should prepare for potential volatility spikes once the ECB delivers its decision and guidance.