The EUR/USD, EUR/GBP, and GBP/USD currency pairs are all under pressure as traders await the Federal Reserve’s decision on interest rates.
EUR/USD is currently facing resistance after reaching a high of $1.0533 on Monday. The pair remains vulnerable, with the low of $1.0372 from Thursday still in focus.
If EUR/USD manages to close above the $1.0533 mark on a daily chart, this could shift the outlook to a more positive one in the medium term.
EUR/GBP continues to slide, moving further away from last week’s high of £0.8473, which was just below the £0.8478 high from June 24, 2024.
The pair is now approaching the high from November 26 at £0.8364. Despite this downward movement, the 200-day simple moving average (SMA) at £0.8415 could provide some resistance.
Meanwhile, GBP/USD is hovering just above its upper downtrend channel line at $1.2388, which may now serve as a support level due to the principle of inverse polarity.
The 55-day SMA at $1.2526 is expected to act as potential resistance. If the price moves above the recent high of $1.2576 from January 7, the medium-term outlook for GBP/USD would shift to a more optimistic, bullish stance.
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