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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, GBP/USD recover while EUR/GBP slips ahead of UK election

​​​​EUR/USD, GBP/USD recover while EUR/GBP slips ahead of Thursday’s UK election. ​​

US Dollar Source: Getty Images

​​​EUR/USD again looks bid

EUR/USD is once again trying to reach its 55-day simple moving average (SMA) at $1.0768 and last week's high at $1.0776. Above Monday's high at $1.0776 meanders the 200-day SMA at $1.0792.

​​Support sits at Monday's $1.071 low. While the June lows at $1.0671 to $1.0666 hold, medium-term upside pressure should be maintained.

EUR/USD Chart Source: TradingView.com
EUR/USD Chart Source: TradingView.com

​EUR/GBP comes off resistance

EUR/GBP has been rejected by the key £0.8484-to-£0.8503 resistance zone, a rise above which would eye the 55-day SMA at £0.8519, though.

​Potential slips may found support along the support line at £0.8456 ahead of the recent lows at £0.8431-30.

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

​GBP/USD stabilizes

GBP/USD found support slightly above last week's $1.2613 low before recovering and targeting the $1.2703 and $1.2710 minor resistance zone. The 55-day SMA at $1.2638 should now offer short-term support.

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

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