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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/GBP, GBP/USD and EUR/USD little changed following Labour landslide

​​​​EUR/GBP, GBP/USD and EUR/USD are slightly bid following the ousting of the UK Conservative party by Labour.

EUR/USD Source: Adobe Images

​​​EUR/USD continues to rise

EUR/USD is gunning for the $1.0852 mid-June high with the 200-day simple moving average (SMA) at $1.0795 acting as potential support.

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

​EUR/GBP recovers

EUR/GBP is drawn back to the key £0.8484 to £0.8503 resistance zone, a break through which would target the 55-day SMA at £0.8515.

​Potential slips may found support along the support line at £0.8446 and at Wednesday's £0.8459 low ahead of the late June lows at £0.8431-30.

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

​GBP/USD rises further still

GBP/USD's rally from Tuesday's $1.2616 low has the May high at $1.2801 in its sights.

​Minor support below the 19 June high at $1.274 lies at the 1 July $1.271 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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