EUR/USD, EUR/GBP and GBP/USD side-lined amid Trump 25% tariff plan
EUR/USD, EUR/GBP and GBP/USD side-lined amid Trump 25% Mexico and Canadian goods 25% tariff plan.
EUR/USD range trades
EUR/USD topped out at Monday's $1.0533 high with Thursday's low at $1.0372 remaining in sight.
Were the $1.0533 high to be overcome on a daily chart closing basis, our medium-term outlook would become bullish, though.
EUR/GBP tries to stem decline
EUR/GBP's tumble from last week's £0.8473 high, made marginally below the 24 June 2024 £0.8478 high, has taken it to the 26 November high at £0.8364 before short-term stabilising as expected.
Immediate resistance lies at the 19 November high at £0.8375. Further resistance is seen along the 200-day simple moving average (SMA) at £0.8413.
GBP/USD side-lined
GBP/USD so far remains above its upper downtrend channel line at $1.2363. It may act as support once more, as it did on Wednesday.
The 55-day SMA at $1.2518 is still seen as potential resistance with last week's high at $1.2524.
A rise above the 7 January high at $1.2576 would make us change our medium-term outlook to a bullish one.
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