12.04.2021: EUR and GBP enter new trading week on positive note. Outlook for EUR/USD and GBP/USD.

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This trading week began with a confident rise in the pound sterling. It seems that this is just a simple bounce after a week-long drop. The fact is that there are no reasons for an increase. However, the British pound may resume losing in value, if the UK statistical data turns out to be weak. Until then, the currency will have a chance to recoup some of its losses. At the same time, the euro got stuck at the beginning of the day. The currency was waiting for the eurozone retail sales data. Economists had expected a drop of 5.4% compared to a decline of 6.4% in the previous period. However, the report exceeded all the expectations as a decrease in retail sales slowed down to 2.9%. As a result, the euro immediately started gaining in value. However, the growth was really small. This proves the fact that the euro has no upside potential. The single currency is likely to repeat the Friday scenario, when it showed an insignificant and short-lived increase amid quite positive news. A bit later, the euro resumed falling. The euro/dollar pair made an attempt to reestablish a downtrend. However, it stopped near the support level of 1.1860 and bounced as it happened on April 7 and 8. Notably, in the second part of the previous week, the pair was moving sideways. Analyzing the current trading chart, we can see that the quote is still hovering between the levels of 1.1860 and 1.1920. Traders are focused on the lower limit of the range. The fact is that a sell signal may appear amid a slowdown in the upward movement. If the price fixes below 1.1860 on the four-hour chart, it may slide towards 1.1820-1.1765. According to the alternative scenario, the pair may continue moving sideways. On Friday, the British pound continued losing in value and hit the local low of 1.3669 logged on March 25. Analyzing the trading chart, we can see that the pair once again touched the local low of 1.3669 and bounced from it. Thus, the volume of short positions may drop. However, sellers are still trying to break the mentioned level. If the price fixes below 1.3669 on the four-hour chart, it is likely to continue its correctional movement from the peak towards 1.3600-1.3550.

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