EUR/USD, GBP/USD plough ahead while EUR/GBP slips
EUR/USD, GBP/USD plough ahead while EUR/GBP slips following US-Russia peace talks and increased European defence spending.
EUR/USD tries to break through key resistance
EUR/USD still tries to push through its key $1.0461-to-$1.0533 resistance zone which needs to be exceeded for a medium-term bullish reversal to be confirmed.
Minor support remains to be seen along the 55-day simple moving average (SMA) at $1.0400 and also at the 23 January low at $1.0372.
Major support below last week's $1.0281 low remains to be seen at the January-to-February lows at $1.0224-to-$1.0178.
EUR/GBP slips further
EUR/GBP retested but then bounced off its late December low at £0.8264 on Wednesday morning.
Minor resistance may now be encountered at the early February low at £0.8292 ahead of the 10 February low at £0.8310 and the 55-day SMA at £0.8328. Further up lies last week's £0.8352 high.
A drop below £0.8264 would put the December trough at £0.8223 on the cards.
GBP/USD remains bullish
Last week's GBP/USD chart close above the early February $1.2550 high confirms a medium-term bottoming formation, targeting the $1.3000 region.
Immediate upside pressure should be maintained while last Tuesday's low at $1.2333 underpins.
Minor support is to be seen at $1.2550 and at the $1.2524 late January high ahead of the 55-day SMA at $1.2483.
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