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CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

​​​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.​

USD Source: Getty Images

​​​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/USD chart Source: TradingView.com
EUR/USD chart Source: TradingView.com

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.

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

​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.

GBP/USD chart Source: TradingView.com
GBP/USD chart Source: TradingView.com

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