EUR/USD and GBP/USD kick off the new year by revisiting key support zones
EUR/USD and GBP/USD begin the new year by revisiting key support zones as traders position themselves.
EUR/USD begins year by weighing on support
EUR/USD revisits is revisiting the November and December lows at $1.0344 - $1.0333, while staying below its early to mid-December lows and the late December high, which range from $1.0454 -$1.0461.
Further minor resistance can be spotted at the mid-December high of $1.0534. If the pair falls through the November low of $1.0333, the next target would be the 30 November 2022 low at $1.0223.
EUR/USD daily chart
GBP/USD starts year by weighing on support
GBP/USD still hovers above its eight-month low of $1.2475. The early to mid-December lows and last week’s high, ranging from $1.2607 - $1.2617, serve as technical resistance.
A decline through $1.2475 would target the 9 May low at $1.2446 and the 16 April low at $1.2406. Conversely, a rise above $1.2617 would likely aim for the mid-December high at $1.2729.
GBP/USD daily chart
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