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Outlook on EUR/USD, EUR/GBP and GBP/USD amid ECB and MPC member speeches

​​​View on EUR/USD, EUR/GBP and GBP/USD amid ECB and MPC member speeches​​.

Dollar Source: Bloomberg

EUR/USD awaits inflation data releases

EUR/USD shot up to $1.0888 on Thursday but then slid back to its 5 February high at $1.0805 above which it is currently trading. While it holds, further range trading between $1.0888 and $1.0805 is probably at hand. 

Below the 5 February high at $1.0805 lies the breached uptrend line at $1.075.

EUR/USD chart Source: TradingView.com
EUR/USD chart Source: TradingView.com

EUR/GBP regains recently lost ground

EUR/GBP is trying to regain lost ground from Friday's £0.8529 low and eyes the £0.8557 to £0.8578 key resistance area. As long as it caps, further sideways trading remains in play.

A rise and daily chart close above £0.8578 needs to take place for the 200-day simple moving average (SMA) at £0.8585 to be reached. Support below Monday's £0.8538 low lies between the July-to-August lows at £0.8504 to £0.8493.

EUR/GBP chart Source: TradingView.com
EUR/GBP chart Source: TradingView.com

GBP/USD loses upside momentum

GBP/USD continues to oscillate around the 55-day SMA at $1.2673, having last week risen to $1.271 before falling back.

The minor $1.271 resistance needs to be overcome for the $1.275 region to be back in view. This scenario will remain valid while the early-February low at $1.2519 holds. The accelerated uptrend line at $1.2646 may offer support on Monday.

EUR/GBP chart Source: TradingView.com
EUR/GBP chart Source: TradingView.com

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