Forex Analysis & Reviews: 14.12.2020 - Trading recommendations for...

14.12.2020 11:20 AM

Trading recommendations for GBP/USD and EUR/USD on 12/14/20

Past review of GBP/USD pair

The pound continued to actively decline last Friday. As a result, the quote reached the level of 1.3134.

What was the impetus for the downward interest?

Just like before, speculators move based on information about Brexit's trade negotiations, where there were actively developing news that the UK would eventually leave the European Union without any trade agreements, which naturally scared investors.

Against such a negative information background, the pound was actively losing its positions.

What happened on the trading chart?

Since the beginning of the European session, the British currency began to decline, where the scale reached 185 points by the time of the US session, which is considered a very large price change.

Past review of EUR/USD pair

The Euro showed a downward trend, which is similar to the pound. However, the scale of the decline was insignificant.

What was published on the economic calendar?

The data on producer prices, which recorded an acceleration from 0.5% to 0.8%, was the only data published in the US. The main focus was on the information noise associated with the trade negotiations between England and Brussels.

What happened on the trading chart?

A sharp downward movement was initially observed until around noon, which was followed by a decline in activity. So, the quote hovered within the level of 1.3110, which ended the trading week.

Trading recommendation for GBP/USD on December 14

In terms of the economic calendar, there are no worthy statistics from the UK and the US today, but the market does not need them when there is such a wide information flow related to trade negotiations.

During the weekend, it was reported that the deadline for Brexit negotiations is being shifted in order to still try to reach a trade agreement between Britain and the European Union.

The market reacted positively to this news. As a result, a new trading week opened with the pound rising by about 140 points, and the rate continues to rise.

It can be assumed that market participants will continue to move based on the Brexit information flow, where positive news about trade negotiations will push the pound up, while negative noise will affect it in the form of a slowdown followed by a decline.

Trading recommendation for EUR/USD on December 14

Today, Europe's volume of industrial production is the only data as regards to the economic calendar, where a slowdown in the decline from -6.8% to -4.4% is forecasted. The main focus will be on news regarding trade negotiations between England and Brussels.

As for the market analysis, it can be seen that the trading week began with an increase in the euro's value, where last Friday's entire decline was won back. It can be assumed that if the price is kept above the level of 1.2180, the quote will resume its movement along the medium-term upward trend with the primary coordinates 1.2250.

An alternative scenario considers a slowdown in the range of 1.2160/1.2170, followed by a price rebound towards 1.2100, as it happened in the previous period.

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