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.
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