EUR/USD, EUR/GBP rise further while GBP/USD stalls amid slightly softer UK inflation print
EUR/USD, EUR/GBP rise further while GBP/USD stalls amid slightly softer UK inflation print ahead of key US CPI data release.
EUR/USD bounces further off low
EUR/USD's recovery from its over 2-year $1.0178 low still has the minor resistance between the $1.0333-to- $1.0344 November and mid-December lows in its sights.
EUR/GBP rally is ongoing
EUR/GBP is on track for its sixth straight days of gains which has taken it above the 200-day simple moving average (SMA) at £0.8422 which may now act as minor support. On Tuesday the cross probed the October peak at £0.8447 which so far caps. If bettered, a medium-term bottoming formation will be formed with the £0.86 region being in focus.
Support below the 200-day SMA at £0.8422 lies at the 9 January high at £0.8406 and further down between the mid-October, mid-to-late November highs at £0.838-to-£0.8364.
GBP/USD holds above 13-month low
GBP/USD gradual recovery from its 15-month $1.21 low is ongoing with Tuesday's $1.225 high being eyed. If overcome, the early January low at $1.2353 would be targeted.
A fall through the $1.21 mark would target the October 2023 low at $1.2038, as well as the psychological $1.20 mark.
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