EUR/USD, GBP/USD resume ascent while EUR/GBP hovers above key support
EUR/USD, GBP/USD resume ascent while EUR/GBP hovers above key support ahead of speeches by Fed members Kashkari, Cook and Daly.
EUR/USD resumes its ascent
Last week EUR/USD bounced off its breached December-to-May downtrend line as expected and this week has its current May high at $1.0895 in its sights. A rise above which would open the way for the $1.10 region to be reached.
Minor support sits at the mid-May $1.0836 low.
EUR/GBP holds at key support
EUR/GBP so far continues to hold at its major £0.8503-to-£0.8493 support zone from which it may once more bounce back as it has done since August 2023. Were a daily chart close below £0.8493 to be made, though, the July and August 2022 lows at £0.8409-04 would be in focus.
Minor resistance sits at the £0.8521 mid-April low and above it at the £0.8531-32 late April and 24 May lows.
GBP/USD grinds higher
GBP/USD's rise above last week's high at $1.2761 is encouraging for the bulls with the $1.2772-86 resistance zone currently being revisited. If overcome on a New York daily chart closing basis, the March peak at $1.2894 would be unlocked.
An accelerated uptrend line can be seen at $1.2718.
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