EUR/USD, EUR/GBP and GBP/USD look short term bid ahead of Trump inauguration
EUR/USD, EUR/GBP and GBP/USD look short term bid ahead of Trump inauguration and well over a hundred executive actions being signed.
EUR/USD in recovery mode
EUR/USD's recovery from its over 2-year $1.0178 low is ongoing and once more has minor resistance between the $1.0333-to-$1.0344 November and mid-December lows in its sights. Last week it capped as expected but this week it may give way to the $1.0436-to-$1.0460 resistance area.
Minor support can still be seen around the $1.0225 early January low.
EUR/GBP remains bid
EUR/GBP has risen back above the 200-day simple moving average (SMA) at £0.8420.
An advance above Tuesday's £0.8462 high would target the £0.8600 region.
Support below the 200-day simple moving average (SMA) at £0.8420 can be found at the 9 January high at £0.8406 and further down between the mid-October, mid-to-late November highs at £0.8380-to-£0.8364.
GBP/USD hovers above 13-month low
GBP/USD continues to range trade above its 15-month $1.2100 low but has Wednesday's $1.2307 high in view. Above it lies the early January low at $1.2353.
A fall through the $1.2100 mark would target the October 2023 low at $1.2038, as well as the psychological $1.2000 mark.
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