EUR/USD, GBP/USD remain under pressure while EUR/GBP stabilizes
EUR/USD, GBP/USD remain under pressure while EUR/GBP stabilizes ahead of US trade, job openings and factory orders data releases.
EUR/USD tries to stabilize
EUR/USD's fall through Thursday's low at $1.1098 neutralized our short-term outlook.
This level has now become resistance with the August 5 high at $1.1009 acting as potential support.
EUR/GBP range trades
EUR/GBP holds above the June-to-July lows at £0.8398-to-£0.8378 which are expected to once more act as support. If not, the 2 August 2022 low at £0.824 would be next in line.
Minor resistance remains to be seen along the 55-day simple moving average (SMA) at £0.8467.
GBP/USD remains under pressure
GBP/USD's decline from just below our $1.3273-99 target zone, made up of the February 2022 low and March 2022 high, has so far taken it to Tuesday's $1.3088 low. Below it lies the $1.3045 July high around which it may soon stabilize.
The July 2023 peak at $1.3143 may now act as potential minor resistance.
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