sed, grep, cut or combine?

I am a beginner at shell scripting, actually i am working on my first script right now.
Anyway i have searched the world how to grep two letters from each word (it will always just be two words).

For example:
Example Blablabla

I want my script to cut out Ex (from the first word) and Bl (from the second word).
Which combined ExBl
However it will always be diffrent kind of words so i cannot use sed /Ex/ or something.
I also want Ex and Bl to be variables so i can use them later on.

could this be the answer:
cut -c1-2 filename | cut f2" "-c1-2 filename

Very insecure of the second cut, f2 one.
However if this is the solution i still need them to become variables somehow or maybe by: a=cut -c1-2 filename

One way...

$ echo abcdef QWERTY | sed 's/\(..\).* \(..\).*/\1\2/'
abQW
$

Or...

$ echo abcdef QWERTY | awk '{print substr($1,1,2) substr($2,1,2)}'
abQW
$

Thanks for all answers, it helped alot.

Also just came up with another solotion could maybe come to hand as other users can read this thread as for help.
Its not compiled but it is a solotion which also works.

a=cut -c1-2 filename | sed "delete whole first line" | b=cut -c1-2 filename