12.10.2020: EUR and GBP get stuck near record highs. Outlook for EUR/USD and GBP/USD

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At the end of the last week, European currencies showed a sharp rise. However, today, the currency market got stuck.
Even the announcement made by Boris Johnson failed to revive the market. According to the announcement, the UK will easily switch to the WTO rules, if there is no progress in the negotiations with the European Union. The most surprising fact is that this decision contradicts the UK Internal Market Bill that has recently caused so many disagreements. That is why market participants have ignored the speech.
The market is likely to remain calm until tomorrow. The fact is that the US is expected to reveal its inflation figures on Tuesday and today, investors prefer cautious trading. Moreover, forecasts on the US inflation are quite positive.
On Friday, the euro/dollar pair managed to gain in value and broke the resistance level of 1.1810.
According to the technical analysis, the break of the mentioned level may lead to a change in the main trend.
The fact is that the price consolidated above the 1.1810 level. That is why the current downward trend that began in September could be replaced by the upward one.
Notably, the euro/dollar pair reached a local high of 1.1830 and returned to 1.1810.
Thus, the first scenario shows that the pair may again hit the local high of 1.1830 causing a surge in buy deals that will push the price even higher.
According to the second scenario, the pair may get stuck and the level of 1.1810 may continue weighing on buyers. In this case, the euro/dollar pair may hover within the levels of 1.1800/1.1830. The main strategy will be based on a break of either limit.
At the same time, the pound/dollar pair broke the psychological level of 1.3000 and consolidated above it for the first time since early September. Thus, the currency downtrend that began on September 1 could be changed.
On the trading chart, we can see that the price is fluctuating between the levels of 1.2950/1.3050 that could lead to stagnation. Amid high speculative activity, the main strategy is still based on local operations. However, the news flow may change the market sentiment. From the technical point of view, it is recommended to take a close look at deviations from the psychological level.

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