EUR/USD, EUR/GBP and GBP/USD still press higher.
EUR/USD, EUR/GBP and GBP/USD remain bid ahead of Tuesday’s US CPI print.
EUR/USD rises from last week's seven-week low
EUR/USD seems to be on track for its fifth consecutive day of gains while it continues to bounce off its $1.0723 early February low.
It is seen gradually rising towards the 200-day simple moving average (SMA) and the December-to-February downtrend line at 1.0832 to 1.0842. While below it, the medium-term downtrend will stay intact.
Minor support is seen at Thursday’s 1.0742 low and more significant support at Monday’s $1.0723 low, a slip trough which would engage the $1.0694 late October high.
EUR/GBP still bounces off its five-month low
EUR/GBP’s is seen gradually rising from its £0.8516 low, made last week close to the five-month January low at £0.8514.
Minor resistance now sits between £0.855 and £0.8559, the December low, downtrend line and 1 February high, followed by more significant resistance at last Monday’s £0.8572 two-week high.
A still more likely fall through £0.8514 would engage the significant July-to-August lows at £0.8504 to £0.8493 below which lies the April 2021 low at £0.8472. A rise above £0.8572 would put the 9 January low at £0.8587 on the map, ahead of the 55- and 200-day SMA at £0.8594 to £0.862.
GBP/USD finds it difficult to grind higher
GBP/USD is trading back above the 200-day SMA at $1.2563 and is heading towards last week’s high at $1.2642, a rise above which would put the 55-day SMA at $1.2673 on the cards. It delineates the middle of the currency pair’s three-months sideways trading range.
Support below Thursday’s low and the 200-day SMA at $1.2572 to $1.2653 can be spotted along the October-to-February uptrend line at $1.2548.
While the early February low at $1.2519 underpins, the wide sideways trading range should remain intact.
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