EUR/USD stabilizes while EUR/GBP rallies and GBP/USD tumbles
EUR/USD stabilizes while EUR/GBP rallies and GBP/USD tumbles on dovish BoE comments regarding rapidly falling inflation.
EUR/USD stabilizes
EUR/USD is now range trading between its key $1.069 to $1.0725 resistance zone and last week's $1.0601 low. Below it lies the 78.6% Fibonacci retracement of the October-to-December advance at $1.0596 and further down the late October lows at $1.0522 to $1.0517 as well as the $1.0449 October low. All of these remain medium-term in sight.
EUR/GBP sees sharp rally
EUR/GBP has swiftly risen above the 200-day simple moving average (SMA) at £0.8605 and reached the October low at £0.8617 which acts as resistance. If bettered, the £0.8630-31 mid-September high and late September low will be in focus. Slips to below the 200-day SMA should find support around the March high at £0.8602. Below it lie the 5 to 9 April highs at £0.8586-82.
GBP/USD tumbles further
GBP/USD resumed its descent and nears the 61.8% Fibonacci retracement of the October-to-March rise at $1.2365. Further down sits the mid-October high at $1.2338. Minor resistance can be spotted at last Tuesday's $1.2406 low.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
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
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
