EUR/USD, GBP/USD remain under pressure while EUR/GBP stabilizes
EUR/USD, GBP/USD remain under pressure while EUR/GBP stabilizes ahead of US trade, job openings and factory orders data releases.
EUR/USD tries to stabilize
EUR/USD'S fall through Thursday's low at $1.1098 neutralized our short-term outlook.
This level has now become resistance with the August 5 high at $1.1009 acting as potential support.
EUR/GBP range trades
EUR/GBP holds above the June-to-July lows at £0.8398-to-£0.8378 which are expected to once more act as support. If not, the 2 August 2022 low at £0.824 would be next in line.
Minor resistance remains to be seen along the 55-day simple moving average (SMA) at £0.8467.
GBP/USD remains under pressure
GBP/USD's decline from just below our $1.3273-99 target zone, made up of the February 2022 low and March 2022 high, has so far taken it to Tuesday's $1.3088 low. Below it lies the $1.3045 July high around which it may soon stabilize.
The July 2023 peak at $1.3143 may now act as potential minor resistance.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
