EUR/GBP digs into support as GBP/USD grapples with resistance pre-UK budget while EUR/USD bounces off support
EUR/GBP digs into support as GBP/USD grapples with resistance ahead of the UK’s first Labour party budget in 14 years; meanwhile EUR/USD bounces off support.
EUR/USD bounces off support
EUR/USD revisited and then bounced off its $1.0778-62 support area as expected. For a bullish reversal to take shape, a rise and daily chart close above Friday's high at $1.0839 would need to be seen. If so, the 200-day simple moving average (SMA) at $1.0868 would be back in the frame.
Failure at $1.0778, however, would push the 9 May low at $1.0724 to the fore.
EUR/GBP digs into support
EUR/GBP retests the £0.8318-to-£0.8296 support area ahead of the UK budget. Were this support zone to give way, the January 2022 and December 2019 lows at £0.8285-77 would be in sight.
Minor resistance comes in at last week's high at £0.8352.
GBP/USD grapples with resistance
GBP/USD fights with the $1.3000-to-$1.3045 resistance area ahead of Rachel Reeve's first Labour budget in 14 years. While it caps, the recent downtrend remains intact.
A slip through $1.2908 would eye the June high at $1.2861.
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.
