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EUR/USD steady ahead of ECB, while GBP/USD rocked by Brexit headlines

EUR/USD has edged up ahead of today’s ECB meeting, and GBP/USD has been hit hard by the ongoing Brexit drama. Meanwhile, USD/JPY has formed a short-term base, pointing towards a potential move higher.

EUR/USD edges up ahead of ECB meeting

EUR/USD has been under pressure over the past few sessions, struggling to make headway and failing to hold the highs of each session.

However downside has been limited, with only a modest drop after the big move higher in November. Further declines would encounter trendline support around $1.20, and then below this the 50-day and 100-day simple moving averages (SMAs) at $1.1852 and $1.1827 come into view. A reversal above $1.215 would mark a new move to the upside.

GBP/USD sees plenty of movement but little overall change

Over the past few sessions the GBP/USD price has rallied to $1.35 and fallen towards $1.32, and been knocked back from both.

A wide range has been established, but the price has been stuck fast for three days now. Lower highs and higher lows have formed a triangle, and we wait for a break from this formation to provide the next indication of a near-term direction.

USD/JPY forms base above ¥103.50

While a move that holds above ¥104.60 continues to elude the USD/JPY pair, a base has been formed above ¥103.50 that hints at a fresh attempt to push higher.

However, bulls need to remember that gains above the 50-day SMA (¥104.71) have proven fleeting in recent months, with the overall downtrend still in place. A move through ¥105.00 brings ¥105.50 into view, the peak from early November.

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