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20.02.202408:59 Forex Analysis & Reviews: Trading plan for EUR/USD and GBP/USD on February 20

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Markets halted movement yesterday due to the holiday in the US. Euro could come into motion today, but traders will have to look for reasons because the macroeconomic calendar remains empty. Euro will likely remain in a sideways trend unless significant political news appears.

Pound, on the other hand, showed some activity, but the scale appeared significant only because of the lack of movement in euro. Most likely, it will behave in the same way as euro today.

EUR/USD slowed down its pullback near the resistance level of 1.0800. This resulted in a stagnation, which indicates a reduction in the volume of long positions. The next upward movement will occur after the price stabilizes above the level of 1.0800. Until then, market players could consider this level as resistance.

GBP/USD dropped below the level of 1.2600, indicating a persisting bearish sentiment. If the volume of short positions continues to rise, the pair will decline to the support area of 1.2500/1.2530. Otherwise, the amplitude along the level of 1.2600 may resume its development.

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