20.10.2020: EUR and GBP enter week with uncertainties. Outlook for EUR/USD and GBP/USD.

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Investors have taken a wait-and-see approach amid uncertainties caused by Boris Johnson’s announcement. Yesterday, British Prime Minister said that London was ready to make adjustments in the Internal Market Bill in order to reach an agreement with the European Union.
In fact, investors only know that the EU-UK trade negotiations will be resumed at the end of this week. However, it is not enough to boost the market activity. Moreover, London and Brussels are still upbraiding each other. Thus, investors will hardly make risky decisions until they receive fresh news.
It is quite possible that statistical data from the United States will revive the market activity. Moreover, economists have made quite positive predictions. For example, the US housing starts may advance by 2.8% to 1 million 460 thousand. At the same time, the number of building permits is expected to rise by 1.8%. Thus, production in the construction sector will expand in the following month. However, these reports are of minor importance for the market. That is why the reaction is likely to be tepid.
Yesterday, the euro/dollar pair failed to drop below the support level of 1.1700. As a result, it rebounded.
It is quite possible that a jump to the range of 1.1765/1.1795 led to the accumulation. Once the pair fixes outside either limit on the four-hour chart, we will get a signal of a local movement of the market.
At the same time, the pound/dollar pair managed to return to the psychological level of 1.3000. However, it failed to keep its position. As a result, it pulled back.
It is quite possible that the price will continue swinging. Speculative activity will still depend on the news flow about Brexit and the coronavirus pandemic.
Traders are recommended to focus on such levels as 1.2860; 1.3000; 1.3060.

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