22.10.2020: Traders expect USD to gain in value. Outlook for EUR/USD and GBP/USD

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Market got stuck once again. The fact is that London and Brussels have finally decided to resume the trade negotiations. That is why there are no other facts that could influence investors’ sentiment.
However, today, the US will report on the number of unemployment claims. The number of the first-time claims may advance. Nevertheless, the US dollar has all chances to recoup some of its losses. The fact is that the number of continuous claims is much more important for investors. Economists forecast a decline below 10 million. It means that the US labor market is confidently recovering thus boosting the national currency.
Yesterday, the euro/dollar pair managed to keep the uptrend and hit the predicted level of 1.1870. After that, the pair slowed down and dropped.
It is quite possible that a failure to break the local high of 1.1880 may result in a slide to 1.1810.
At the same time, the pound/dollar pair showed even higher activity amid news about Brexit. The pair managed to break the local high of 1.3080 logged on October 12 and reached the level of 1.3175.
At the moment, we can see a technical correction caused by the fact that the pound sterling is extremely overbought.
Buyers are likely to go on open deals, if the price continues falling to the levels of 1.3060-1.3020. At the same time, the speculative activity may remain high amid the news flow about Brexit.

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