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The past trading week ended with a day off with respect to the Christmas celebration. But before this day, one of the most important events for the UK and Europe was held. The parties managed to agree on a trade agreement after Brexit, which became a commotion this year. It took four and a half years for a trade deal, so it's hard to believe that everything was over.
What happened on the trading chart?
The pound sterling broke up on expectations of a positive Brexit result, reaching the area of the local high of the medium-term upward trend. However, as buyers reached the 1.3600/1.3625 area, they failed to update the high. Perhaps, there were not enough trading volumes due to the early closure of trading floors or the news was already played by the market. After all, the quote only pulled back about 80 points from the high.
The euro/dollar, where market dynamics were not observed, showed a consistent fluctuation at the peak of the medium-term upward trend, without any sharp price changes. It is possible that traders are out for the holidays.
Trading recommendation for GBP/USD on December 28
Markets are open today, but some countries of the British Commonwealth – UK, Canada, Australia and New Zealand are celebrating Boxing Day. Due to the weekend, low trading volumes can be expected and so, traders will try to follow the negotiation process of a trade deal. Perhaps, there will be new details that will act as a catalyst for trading activity.
The market will remain in one place, conditionally in the range of 1.3520/1.3620, if nothing interesting appears in the media.
Trading recommendation for EUR/USD on December 28
Today, Europe has come to work, but no statistics worth noting are expected. Therefore, traders will discuss the Brexit deal and the timing of its ratification. The amplitude fluctuation of the price in the range of 1.2150/1.2275 will still remain the main movement, possibly until the end of the trading week.
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