EUR/USD, GBP/USD slip further while EUR/GBP sees recovery
EUR/USD, GBP/USD slip further as the greenback continues to appreciate, while EUR/GBP bounces off support.
EUR/USD drops further
EUR/USD continues to slide in seven-month lows amid ongoing US dollar appreciation with the April low at $1.0602 being tested. A fall through this level would engage the November 2023 low at $1.0517.
Minor resistance can be seen at the 1 May $1.0649 low.
EUR/GBP bounces back
EUR/GBP has seen a swift recovery from this week's low at £0.826, a level last traded in April 2022, towards the 24 October high at £0.8352. If overcome, the 55-day simple moving average (SMA) at £0.8369 will be in focus.
Minor support now sits at the £0.8311 early October low and also between the 18 and 29 October lows at £0.8299-to-£0.8296.
GBP/USD slips further
GBP/USD's drop through the 200-day SMA at $1.2817 is medium-term bearish with the August low at $1.2665 representing the next downside target. The 200-day SMA should now act as resistance.
Further up last week's $1.2835-to-$1.2844 lows may also act as resistance, if reached at all, and further up the 23 October low at $1.2908.
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