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EUR/USD, EUR/GBP and GBP/USD bounce off lows amid minor US dollar drop

EUR/USD, EUR/GBP and GBP/USD bounce off lows amid minor US dollar drop due to US Treasury yield pullback following Trump’s Bessent pick.

Dollars Source: Adobe images
City Motion Forex Shares EUR/USD GBP/USD EUR/GBP
Written by: Axel Rudolph | Market Analyst, London
Publication date:

EUR/USD bounces off $1.0333 low

EUR/USD slid to below our January 2023 low downside target at $1.0423, to $1.0333, before snapping back.

Minor resistance at $1.0497 is currently being tested, above which lies last Wednesday's $1.0610 high. While it caps, the short-term downtrend remains intact.

EUR/USD chart Source: TradingView
EUR/USD chart Source: TradingView

EUR/GBP bounces off support

EUR/GBP bounced off Friday's £0.8269 low, below which lies the current November trough at £0.8260, a level last traded in April 2022.

The 55-day simple moving average (SMA) at £0.8356 is now back ion focus. Above it lies last week's high at £0.8375 as well as the late August low at £0.8400.

EUR/GBP chart Source: TradingView
EUR/GBP chart Source: TradingView

GBP/USD finds interim support

GBP/USD bounces off last week's six-month low at $1.2488 and is about to hit a short-term downtrend line at $1.2620. If overcome, last week's high at $1.2715 may offer resistance. Support now sits at $1.2488.

GBP/USD chart Source: TradingView
GBP/USD chart Source: TradingView

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