EUR/USD, GBP/USD remain bid while EUR/GBP tests key long-term support
EUR/USD, GBP/USD remain bid following last week’s 50 bps Fed rate cut while EUR/GBP tests key long-term support.
EUR/USD retains bid
EUR/USD still sideways trades below last week's post-Fed 50 basis point (bps) rate cut $1.1189 high, made marginally below its $1.1201 August peak. This will remain in sight while Thursday's low at $1.1069 underpins.
Minor support above $1.1069 can be seen in the $1.1030 region.
EUR/GBP retests July low
EUR/GBP tests its £0.8378 July low which, together with the November 2021 trough at £0.8373 is expected to offer support. As long as this support zone holds, a bounce back towards the £0.8404 late August low may be on the cards.
Failure at £0.8373 would eye the £0.8367 early May 2022 low, below which lies the early August 2022 low at £0.8340.
GBP/USD looks bid
GBP/USD has so far risen to $1.3340, close to the $1.3358 January 2022 low which may short-term cap.
Immediate support can be found at the $1.3267 August peak.
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