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Dollar did not increase although the second estimate of the US GDP for the third quarter turned out significantly better than the first, showing an economic growth not of 2.7%, but of 3.0%. Euro, on the other hand, declined ahead of the release of the data, while pound remained stable, hinting at a sustained risk appetite.
Today's sentiments may change sharply, but everything will depend on the upcoming reports from the eurozone. According to forecasts, the unemployment rate may increase from 6.5% to 6.6%, while inflation may slow down from 2.9% to 2.7%. This would draw attention to the European Central Bank, which, considering such data, may start lowering interest rates earlier than the Federal Reserve. This could cause a reversal and the start of a prolonged rise of dollar.
EUR/USD pulled back by around 30 pips as soon as the quote hit the psychological level of 1.1000. In order for the price to increase again, bulls need to keep the pair stable above 1.1000 throughout the day. Otherwise, the pullback will persist, which may turn into a full-fledged decline.
GBP/USD reached the resistance level of 1.2700, but then the volume of long positions decreased, resulting in a pullback and subsequent consolidation along the level of 1.2700. For further growth, bulls need to push the pair beyond the current local high. Otherwise, the level of 1.2700 will act as resistance, allowing for the construction of a full-fledged correction.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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