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​​EUR/GBP falls to near 1-month low while EUR/USD and GBP/USD rally

​​EUR/GBP falls to near 1-month low while EUR/USD and GBP/USD rally ahead of UK May GDP and June US CPI data releases.

Dollar Source: Adobe images
City Motion Forex United States dollar Pound sterling EUR/USD GBP/USD
Written by: Axel Rudolph | Market Analyst, London
Publication date:

​​​EUR/USD resumes its ascent

EUR/USD still has the $1.0852 mid-June high in its sights ahead of Thursday’s US consumer price index (CPI) print. It should do so as long as the 200-day simple moving average (SMA) at $1.0802 underpins.

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

​EUR/GBP falls to near 1-month lows

EUR/GBP is in the process of slipping through the late June lows at £0.8431-30, towards the June trough at £0.8398 as investors await the UK May gross domestic product (GDP) reading.

​Minor resistance now sits at the 3 July low at £0.8459.

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

​GBP/USD regains upside momentum

GBP/USD has reached the 12 June high at $1.2861, a rise above which would open the way for the 8 March high at $1.2894 to be reached.

​Minor support below the 19 June high at $1.2740 sits at the 1 July $1.2710 high.

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

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