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21.05..2019: GBP unlikely to recover (EUR, USD, GBP)

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The euro kicked off the European session with a small increase. The pound sterling, on the contrary, continued its downtrend.
Today, there is no much news from the eurozone, so trading activity is likely to remain moderate. Investors are awaiting the release of the consumer confidence index in the euro area. During the European session, the EUR/USD pair was trading at 1.1150.
Buyers of the euro failed to break the 1.1180 marks, which indicated their weakness. The pair will continue the downward movement to the area of 1.1120 as many analysts predict.
The euro is unlikely to stir up on news about elections to the European Parliament. It is quite possible that the volatility of the single currency will increase after the release of the election results on May 26. Political events in Italy and Brexit uneasiness might restrain the strengthening of the euro.
The pound sterling is weighed down by many economic factors. Market participants do not believe in the success of the Brexit deal. Additionally, Theresa May is expected to resign soon. Some experts think that Boris Johnson, former Mayor of London and former Foreign Minister, is going to be the next prime minister. He took an active part in the Brexit affair. However, analysts estimate his chances to end Brexit crisis as extremely low.
Last week was the worst for the pound sterling in the last two years. Economists say that no improvements are expected. The downtrend of GBP/USD continues, which indicates strong bearish momentum. The target level for the sellers is 1.2600. In the European session, the pair was trading around 1.2693. Sellers of the pound sterling are awaiting Treasury Committee hearings on the Bank of England inflation reports. What’s more, Mark Carney will give a speech. Economists think that he is unlikely to provide some good news as Brexit is hovering over the economy.
Expectations of a key rate hike by the Bank Of England are significantly reduced. Thus, the pound sterling still remains under pressure amid economic uncertainty.

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