EUR/USD, EUR/GBP and GBP/USD under pressure amid Trump tariffs
EUR/USD, EUR/GBP and GBP/USD under pressure but trying to stabilise amid 25% Trump tariffs on steel and aluminium.
EUR/USD dips but tries to recover
EUR/USD once again slipped below its 55-day simple moving average (SMA) at $1.0355 as President Trump imposes 25% tariffs on steel and aluminium imports to the US. This may now act as minor resistance while the cross holds above major support seen at the January-to-February lows at $1.0224-to-$1.0178. This we expect to hold.
EUR/GBP once more drops
EUR/GBP tumbles towards the mid-October and Monday's £0.8296-to-£0.8292 lows. Below £0.8292 lies the late December low at £0.8264.
Minor resistance below the 55-day SMA at £0.8361 can be found at the mid-to-late December highs at £0.8325-to-£0.8328.
GBP/USD weighed down
GBP/USD still trades along the upper downtrend channel line at $1.2415 which now acts as resistance while the 55-day SMA at $1.2380 acts as support with last week's low at $1.2361.
Potential slips through this level may find support around the $1.2353 early January low and at the $1.2307 mid-January high ahead of last Monday's low at $1.2250.
Good resistance remains to be seen between the late January high at $1.2524 and last week's peak at $1.2550.
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