EUR/USD, EUR/GBP try to hold above last week’s lows while GBP/USD is under pressure
EUR/USD, EUR/GBP hold above last week’s lows as euro selling pressure eases while GBP/USD looks short-term under pressure.
EUR/USD remains under pressure
Last week's sharp decline in EUR/USD neutralized our medium-term outlook. Below last week's low at $1.0668 lies the May low at $1.065.
Minor resistance can now be spotted at Tuesday's $1.072 low.
EUR/GBP bounces off minor support
EUR/GBP is trying to bounce off last week's £0.8398 22-month low towards Thursday's £0.8458 high which is expected to act as minor resistance.
Minor support comes in at Tuesday's £0.8418 low and more important support at £0.8398, below which lies the £0.8389 mid-August 2022 low.
GBP/USD comes further off its $1.2861 high
GBP/USD fall through the $1.2694 to $1.2676 support zone has neutralized our outlook. A fall through Friday's low at $1.2657 would engage the 55-day simple moving average (SMA) at $1.2613.
Minor resistance above the 10 June low at $1.2688 can be spotted at the 9 April $1.02709 high
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.
Start trading forex today
Find opportunity on the world’s most-traded – and most-volatile – financial market
- Trade spreads from just 0.6 points on EUR/USD
- Analyse with clear, fast charts
- Speculate wherever you are with our intuitive mobile apps
See an FX opportunity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See an FX opportunity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from just 0.6 points on popular pairs
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See an FX opportunity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
