EUR/GBP recovery stalls as GBP/USD and AUD/USD bounce off support
EUR/GBP recovery stalls as GBP/USD and AUD/USD bounce off support as US dollar appreciation to near 2-year highs takes a breather.
EUR/GBP recovery slows
EUR/GBP's recovery from last week's low at £0.8260, a level last traded in April 2022, has taken it to the 55-day simple moving average (SMA) at £0.8365 which acted as minor resistance. Nonetheless a further advance towards the late August low at £0.8400 remains at hand.
Minor support can now be seen at the 13 November £0.8345 high and then between the £0.8311 early October low and the 18 and 29 October lows at £0.8299-to-£0.8296.
GBP/USD finds interim support
GBP/USD is bouncing off last week's $1.2597 low, below which the 22 March low at $1.2576 and the 29 April high at $1.2570 remain to be seen.
The cross is now heading back towards minor resistance seen between the 15 August low at $1.2799 and the 200-day SMA at $1.2817.
AUD/USD bounces off support
AUD/USD so far managed to level out at $0.6441 and flirts with the 6 November $0.6513 low. Above lies further minor resistance at the $0.6537 30 October low.
A slip through $0.6441 would engage the August low at $0.6349.
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