EUR/USD, EUR/GBP rise further while GBP/USD stalls amid slightly softer UK inflation print
EUR/USD, EUR/GBP rise further while GBP/USD stalls amid slightly softer UK inflation print ahead of key US CPI data release.
EUR/USD bounces further off low
EUR/USD's recovery from its over 2-year $1.0178 low still has the minor resistance between the $1.0333-to- $1.0344 November and mid-December lows in its sights.
EUR/GBP rally is ongoing
EUR/GBP is on track for its sixth straight days of gains which has taken it above the 200-day simple moving average (SMA) at £0.8422 which may now act as minor support. On Tuesday the cross probed the October peak at £0.8447 which so far caps. If bettered, a medium-term bottoming formation will be formed with the £0.86 region being in focus.
Support below the 200-day SMA at £0.8422 lies at the 9 January high at £0.8406 and further down between the mid-October, mid-to-late November highs at £0.838-to-£0.8364.
GBP/USD holds above 13-month low
GBP/USD gradual recovery from its 15-month $1.21 low is ongoing with Tuesday's $1.225 high being eyed. If overcome, the early January low at $1.2353 would be targeted.
A fall through the $1.21 mark would target the October 2023 low at $1.2038, as well as the psychological $1.20 mark.
This information has been prepared by IG, a trading name of IG Markets 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.
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
