EUR/GBP drops while GBP/USD, AUD/USD rally on back off weak greenback
EUR/GBP drops while GBP/USD, AUD/USD rally on the back off a weakening US dollar ahead of Tuesday’s US presidential election.
EUR/GBP rejected by resistance
The fact that EUR/GBP's late October rally faltered below the 11 September high at £0.8463, neutralized our medium-term outlook. Minor support around the mid-October £0.8380 high is now being revisited with the 24 October high at £0.8352 possibly acting as minor support as well.
Minor resistance now sits at the £0.8400 late August low.
GBP/USD nears resistance
GBP/USD recovers from its $1.2844 late October low towards the key $1.3000-to-$1.3045 resistance zone which this time round may well be breached. If so, the $1.3300 region would be back in sight.
Minor support can be seen around the 23 October low at $1.2910.
AUD/USD bounces off support
Even though AUD/USD briefly fell through its $0.6580-58 support zone to $0.6537 on Wednesday, the cross has since risen as expected with the 200-day simple moving average (SMA) at $0.6627 about to be hit. If overcome, the mid-October low at $0.6659 would be targeted.
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