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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 recover while EUR/GBP slips ahead of UK election

​​​​EUR/USD, GBP/USD recover while EUR/GBP slips ahead of Thursday’s UK election. ​​

US Dollar Source: Getty Images

​​​EUR/USD again looks bid

EUR/USD is once again trying to reach its 55-day simple moving average (SMA) at $1.0768 and last week's high at $1.0776. Above Monday's high at $1.0776 meanders the 200-day SMA at $1.0792.

​​Support sits at Monday's $1.071 low. While the June lows at $1.0671 to $1.0666 hold, medium-term upside pressure should be maintained.

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

​EUR/GBP comes off resistance

EUR/GBP has been rejected by the key £0.8484-to-£0.8503 resistance zone, a rise above which would eye the 55-day SMA at £0.8519, though.

​Potential slips may found support along the support line at £0.8456 ahead of the recent lows at £0.8431-30.

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

​GBP/USD stabilizes

GBP/USD found support slightly above last week's $1.2613 low before recovering and targeting the $1.2703 and $1.2710 minor resistance zone. The 55-day SMA at $1.2638 should now offer short-term support.

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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