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21.10.2020: EUR and GBP to go on rising? Outlook for EUR/USD and GBP/USD

Today, the US dollar showed a significant drop. Moreover, statistics from the UK has boosted the pound sterling. The UK inflation advanced even more than expected. Thus, the indicator climbed by 0.5% after a rise of 0.2% in the previous period. Economists had forecast a smaller increase of 0.4%. Thus, the already growing pound sterling has received additional support. Notably, the euro is also gaining in value. Moreover, the European Union has announced that it is ready to make new concessions and guarantees that the UK economic sovereignty will not be violated. All these decisions were made to resume the trade negotiations as soon as possible. The fact is that on November 15, both sides should present the final version of the agreement. It is quite possible that in the near future, there will be only positive news on the issue. Yesterday, the euro/dollar pair resumed rising and broke the local high of 1.1830 logged on October 9. On the trading chart, we can see that the quote touched the stagnation area of September 10-18. As a result, the price jumped above the level of 1.1850. This may lead to a drop in the number of long positions. That is why there are two possible scenarios. According to the first one, the euro/dollar pair may slow down between the levels of 1.1850 and 1.1900. In this case, the pair may show a drop. According to the second scenario, the price may consolidate above 1.1910 on the four-hour chart. This may change the downward trend that began in September. Let’s take a look at the pound/dollar pair. Yesterday, the pair got stuck. However, today, it is showing quite a high activity. The price consolidated above 1.3000 and approached the high of 1.3062 logged on October 12 and 14. If the pair fails to consolidate above 1.3080 on the four-hour chart, it may decline below 1.3000.

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