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​​​EUR/USD, GBP/USD resume their ascents as EUR/GBP is trying to stabilize​​​

​​​EUR/USD, GBP/USD resume their ascents as EUR/GBP is trying to stabilize​ ahead of eurozone and US PCE inflation data out on Friday.​

USD/GBP Source: Adobe images

​​​EUR/USD rally takes a breather

EUR/USD took a minor hit on Wednesday but as long as it stays above last Thursday's low at $1.1098, it remains on track to reach its July 2023 peak at $1.1275.

​Below $1.1098, the $1.1047-40 area may offer potential support.

EUR/USD chart Source: TradingView.com
EUR/USD chart Source: TradingView.com

​EUR/GBP tries to find support

EUR/GBP's slip through the 55-day simple moving average (SMA) at £0.8469, now resistance, means that the cross is engaged in a downtrend with the June-to-July lows at £0.8398-to-£0.8378 being back in focus.

Short-term it may try to stabilize above Wednesday's £0.8411 low.

EUR/GBP chart Source: TradingView.com
EUR/GBP chart Source: TradingView.com

​GBP/USD remains bid

GBP/USD is still focused on the $1.3273-99 February 2022 low and March 2022 high with the July 2023 peak at $1.3143 acting as potential support.

Further minor support lies at the $1.3045 July high.

GBP/USD chart Source: TradingView.com
GBP/USD chart Source: TradingView.com

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