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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

​​​EUR/USD, GBP/USD side-lined near highs while EUR/GBP dips​​​

​​​EUR/USD, GBP/USD side-lined near highs while EUR/GBP slips further still on GBP strength.​​

GBP/USD Source: Adobe images

​​​EUR/USD still side-lined

EUR/USD remains side-lined below its $1.1201-to-$1.1214 August and September highs. A rise above last Wednesday's high at $1.1214 would put the July 2023 peak at $1.1275 on the cards.

​Support below Friday's low at $1.1125 lies between the August-to-September tentative uptrend line at $1.0980.

EUR/USD chart Source: TradingView.com
EUR/USD chart Source: TradingView.com

​EUR/GBP dips

EUR/GBP revisited its near 2 1/2 year £0.8318 low, made marginally above its 21 March 2022 low at £0.8296 which may still be reached at some stage. Together with the £0.8285 January 2022 low and the £0.8277 December 2019 low it represents significant support.

​​Previous support at £0.8378-73, because of inverse polarity, should acts as resistance above Monday's £0.8360 high.

EUR/GBP chart Source: TradingView.com
EUR/GBP chart Source: TradingView.com

​GBP/USD still range trades

GBP/USD sideways trades around its $1.3412 September 2022 low. Were it to be exceeded, the $1.3515 December 2019 peak would be targeted, though.

Support below Thursday's $1.3313 low remains to be seen at the $1.3267 August high.

GBP/USD chart Source: TradingView.com
GBP/USD chart Source: TradingView.com

This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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