The forex market remains dynamic. Currently, EUR/GBP, EUR/USD, and GBP/USD are closely watching the US non-farm payrolls. This comes after comments from the Bank of England governor, which caused a sharp decline in the Pound Sterling.
EUR/GBP has seen a huge rally. Recently, it rose from a 2.5-year low of £0.8311. Now, it approaches the 55-day simple moving average (SMA) at £0.8445. This level is expected to cap the rally on Friday. Additionally, Thursday's high at £0.8434 offers further resistance. However, the breached downtrend line at £0.8380 may act as short-term support.
For EUR/USD, recent movements have tested key support. The pair slid but held around the $1.1002 September low. If it falls below this level, it would be bearish. The mid-July high at $1.0948 could come into play. Currently, the 55-day SMA at $1.1029 acts as resistance, while the September lows at $1.1069-to-$1.1083 apply additional downward pressure.
GBP/USD has dropped to $1.3093 due to dovish comments by the BoE governor, Andrew Bailey. The pair remains on track toward the 55-day SMA and September lows at $1.3057-to-$1.3002. This support zone is crucial for the medium-term trend. A fall through it could lead to the 200-day SMA at $1.2778 being revisited. While the $1.30 mark provides some support, minor resistance lies at the early September high of $1.3239.
In conclusion, the current forex trends indicate significant movements. As EUR/GBP rallies, EUR/USD tests crucial support, and GBP/USD faces challenges, investors should remain vigilant. These currency movements present opportunities for informed decisions.
For more insights on financial markets, check out Fixio Markets and read more articles at Fixio Blogs. For reliable information on economic data, visit the U.S. Bureau of Labor Statistics.
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