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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

EUR/GBP drops while GBP/USD rallies as UK inflation slows less than expected, EUR/USD flat

EUR/GBP drops while GBP/USD rallies as UK inflation slows less than expected despite it dropping significantly to 2.3% YoY, EUR/USD flat

EUR Source: Getty Images

EUR/USD consolidates

EUR/USD consolidates further below last week's high at $1.0895, above which still beckons the March peak at $1.0981.

Upside pressure will remain in play while Friday's low at $1.0836 underpins. Further minor support can be seen along the breached downtrend line at $1.0818.

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

EUR/GBP slips further still

EUR/GBP is trading in two-month lows and is fast approaching the £0.8503-to-£0.8499 significant support zone which is likely to at least short-term hold.

Minor resistance is seen along the breached support line at £0.8538.

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

GBP/USD surges ahead

These past few days GBP/USD range traded in low volatility in two-month highs ahead of today’s higher-than-expected UK consumer price index (CPI) data which led to an acceleration higher towards the $1.29 region taking place.

Potential slips may find support around Friday's low at $1.2645.

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

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