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EURUSD and GBPUSD: The pound is getting closer to 1.27000

The EURUSD and GBPUSD currency pairs have been closely watched by traders and investors alike in recent weeks. The pound has been steadily gaining ground against the euro and the dollar, and is now getting closer to the key resistance level of 1.27000.

This is a significant milestone for the pound, as it has not traded at this level since early March. The recent strength in the pound can be attributed to a number of factors, including positive economic data, a more optimistic outlook for Brexit negotiations, and a weaker US dollar.

The UK economy has been performing better than expected in recent months, with GDP growth of 0.5% in the first quarter of 2019. This has helped to boost confidence in the pound, as investors see the UK as a more stable and attractive investment destination.

In addition, there have been some positive developments in the Brexit negotiations, with both the UK and the EU showing a willingness to compromise and find a solution that works for both sides. This has helped to ease concerns about a no-deal Brexit, which would have had a negative impact on the pound.

Finally, the US dollar has been weakening in recent weeks, as investors become more cautious about the outlook for the US economy. This has helped to support the pound, as investors look for alternative currencies to invest in.

Overall, the outlook for the pound looks positive, and it is likely that we will see further gains in the coming weeks and months. However, traders should be aware that there are still risks to the outlook, including the ongoing Brexit negotiations and the possibility of a global economic slowdown. As always, it is important to stay informed and to monitor the markets closely.

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