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28.10.202009:05 Forex Analysis & Reviews: Analysis and trading recommendations for the EUR/USD and GBP/USD pairs on October 28

Company does not offer investment advice and the analysis performed does not guarantee results.
The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis of transactions in the EUR / USD pair

Yesterday was not the best day for traders of the European currency, as the deals only brought losses, and the pair did not even go in any direction until the end of the day. Nonetheless, pressure remains on the euro, which suggests that it is better to trade short positions in the market.

Exchange Rates 28.10.2020 analysis

Trading recommendations for October 28

Yesterday's report on US consumer confidence, which declined amid the coronavirus pandemic, increased pressure on the EUR / USD pair. Then, Trump's announcement that he would sign a new aid program when he wins the election led to additional demand for the US dollar.

Exchange Rates 28.10.2020 analysis

  • Open a long position when the euro reaches a quote of 1.1793 (green line on the chart), and then take profit at the level of 1.1846.
  • Open a short position when the euro reaches a quote of 1.1767 (red line on the chart, and then take profit around the level of 1.1721. Bad news on Brexit will push the euro even lower.

Analysis of transactions in the GBP / USD pair

The pound continued to trade in a sideways channel yesterday, so as a result, short positions from 1.3011 saw losses. Meanwhile, long positions from 1.3045 gave profit, however, it was no more than 20 pips.

Exchange Rates 28.10.2020 analysis

Trading recommendations for October 28

Since there are no economic reports scheduled for release today, the attention of traders will be shifted on the next round of negotiations between the UK and the EU over the long-disputed post-Brexit trade deal. Good news about it will lead to a new wave of growth on the British pound, whereas a bad news could lead to another decline in the GBP / USD pair.

Exchange Rates 28.10.2020 analysis

  • Open a long position when the pound reaches a quote of 1.3045 (green line on the chart), and then take profit around the level of 1.3140 (thicker green line on the chart).
  • Open a short position when the pound reaches a quote of 1.3016 (red line on the chart), and then take profit at least at the level of 1.2935. Bad news on Brexit will resume the downward trend in the GBP/USD pair.
Jakub Novak
Analytical expert of InstaForex
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