EUR/USD, EUR/GBP and GBP/USD under pressure amid Trump tariffs
EUR/USD, EUR/GBP, and GBP/USD remain under pressure but are attempting to stabilise following President Trump’s announcement of 25% tariffs on steel and aluminium imports to the US.
EUR/USD dips but attempts recovery
EUR/USD slipped once again below its 55-day simple moving average (SMA) at $1.0355, as Trump’s tariffs weighed on market sentiment. This level may now act as minor resistance, while the pair holds above major support at the January to February lows between $1.0224 and $1.0178. This support is expected to hold.
EUR/USD daily chart
EUR/GBP declines further
EUR/GBP is tumbling towards the mid-October and Monday lows between £0.8296 and £0.8292. Below £0.8292, the late December low at £0.8264 remains a key level to watch.
Minor resistance, sitting below the 55-day SMA at £0.8361, can be found at the mid-to-late December highs between £0.8325 and £0.8328.
EUR/GBP daily chart
GBP/USD remains under pressure
GBP/USD continues to trade along its upper downtrend channel line at $1.2415, which now acts as resistance, while the 55-day SMA at $1.2380 provides support, along with last week's low at $1.2361.
A potential slip through this level could find further support around the early January low at $1.2353, the mid-January high at $1.2307, and last Monday's low at $1.2250.
Significant resistance remains between the late January high at $1.2524 and last week's peak at $1.2550.
GBP/USD daily chart
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