EUR/USD, EUR/GBP and GBP/USD stabilise ahead of FOMC, post lower UK CPI
EUR/USD, EUR/GBP and GBP/USD stabilise ahead of FOMC meeting, following weaker-than-expected UK inflation data.
EUR/USD stabilises ahead of Fed meeting
EUR/USD trades back above its 55-day simple moving average (SMA) at $1.0855, having on Tuesday dipped to $1.0835 before stabilising. While this low underpins on a daily chart closing basis, the medium-term uptrend remains intact.
Minor resistance is seen at the 22 February $1.0888 high.
EUR/GBP continues to be range bound
EUR/GBP remains above its 2024 downtrend line at £0.8538 but is still being capped by the 55-day SMA at £0.8554. Above it sits Monday's £0.8562 high, near the £0.8573 to £0.8578 key resistance area. It will remain in sight while the cross stays above its £0.8524 to £0.8514 support zone on a daily chart closing basis.
A rise and daily chart close above £0.8578 must occur for the 200-day SMA at £0.8606 to be back in focus.
GBP/USD is trying to regain recently lost ground
GBP/USD's probably corrective move lower from its March eight-month high at $1.2894 has taken it to the September 2022-to-March uptrend line which offered support on Tuesday. Above it meanders the 55-day SMA at $1.2688. A daily chart close above Tuesday's candlestick hammer formation high at $1.2733 would have bullish implications.
Minor resistance can be found around the $1.2775 mid-March low.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
