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EUR/USD, EUR/GBP and GBP/USD bounce off lows amid minor US dollar drop

EUR/USD, EUR/GBP and GBP/USD bounce off lows amid minor US dollar drop due to US Treasury yield pullback following Trump’s Bessent pick.

Dollars Source: Adobe images
City Motion Forex Shares EUR/USD GBP/USD EUR/GBP
Written by: Axel Rudolph | Market Analyst, London
Publication date:

EUR/USD bounces off $1.0333 low

EUR/USD slid to below our January 2023 low downside target at $1.0423, to $1.0333, before snapping back.

Minor resistance at $1.0497 is currently being tested, above which lies last Wednesday's $1.0610 high. While it caps, the short-term downtrend remains intact.

EUR/USD chart Source: TradingView
EUR/USD chart Source: TradingView

EUR/GBP bounces off support

EUR/GBP bounced off Friday's £0.8269 low, below which lies the current November trough at £0.8260, a level last traded in April 2022.

The 55-day simple moving average (SMA) at £0.8356 is now back ion focus. Above it lies last week's high at £0.8375 as well as the late August low at £0.8400.

EUR/GBP chart Source: TradingView
EUR/GBP chart Source: TradingView

GBP/USD finds interim support

GBP/USD bounces off last week's six-month low at $1.2488 and is about to hit a short-term downtrend line at $1.2620. If overcome, last week's high at $1.2715 may offer resistance. Support now sits at $1.2488.

GBP/USD chart Source: TradingView
GBP/USD chart Source: TradingView

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The risks of loss from investing in CFDs can be substantial and the value of your investments may fluctuate. 72% of retail client accounts lose money when trading CFDs, with this investment provider. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how this product works, and whether you can afford to take the high risk of losing your money.

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