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GBP / USD is growing due to expectations of an imminent trade agreement between the UK and the EU

The GBP / USD pair is trading near 4-week trading highs. The latest comments from representatives of the EU and the UK leave a fairly good chance of concluding a trade agreement by the end of this year. Therefore, GBP continues to move up.

Morgan Stanley analysts today presented their expectations regarding the prospects for a trade agreement between London and Brussels. They believe that there is a 70% chance that trade negotiations will end positively. Previously, such an outcome of events was expected with a probability of 60%.

 

Negotiations between the parties are continuing, but, apparently, it is worth expecting some intermediate results only at the end of this month.

 

The UK economic calendar today will focus on PMI data for the construction sector. A moderate decrease in the indicator is expected from 54.6 to 54.0 points.

 

On the chart, the currency pair has reached a strong resistance level of 1.2990. Currently the bulls cannot gain a foothold above this mark. If the level is not broken today, we will see the formation of a pullback movement to the area of ​​1.2900 today.

 

  • Resistance levels: 1.2990, 1.3050, 1.3150;

 

  • Support levels: 1.2900, 1.2845, 1.2800.

 

The main scenario - a decline to 1.2900.

 

An alternative option - a breakdown of resistance at 1.2990 and growth to 1.3050.

 

 The current fundamental outlook is neutral. We consider longs from the level of 1.2940

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