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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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/USD and GBP/USD trade near multi-month highs while EUR/GBP drops further

​​Outlook on EUR/USD, EUR/GBP and GBP/USD ahead of this week’s BoE rate decision.

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​​​EUR/USD trades near its one-month high

​​Last week EUR/USD surged higher as the European Central Bank (ECB) hiked its rates by 25 basis points (bps) to 3.5%. It also alluded to the possibility for a couple more rate hikes being seen while the Federal Reserve (Fed) kept its rates unchanged.

​The US dollar thus took a hit with EUR/USD rising to $1.097, near its $1.0973 early April high. Further up beckons the minor psychological $1.10 mark which may short-term cap, once reached.

​Potential slips may find support along the 55-day simple moving average (SMA) at $1.0884.

EUR/USD chart Source: IT-Finance.com
EUR/USD chart Source: IT-Finance.com

EUR/GBP drops to ten-month low

EUR/GBP is trading at levels last seen in August 2022 and nears last week’s £0.8522 low, a fall through which eyes the mid-August high at £0.8511 and the £0.85 mark.

​An acceleration to the downside may occur in the course of this week as the Bank of England (BoE) is expected to hike its rates for a thirteenth time to 4.75%.

​Minor resistance can be found at last week’s £0.8541 low and also at the £0.8568 early-June low.

EUR/GBP chart Source: IT-Finance.com
EUR/GBP chart Source: IT-Finance.com

​GBP/USD remains close to its 14-month high at $1.2848

GBP/USD continues to surge higher and is trading close to its $1.2848 14-month high, made last week.

​A rise above which would open the way for the minor psychological $1.30 level to be reached ahead of Thursday’s BoE monetary policy meeting and interest rate decision.

​The only technical support to speak of comes in at the $1.2679 May peak.

GBP/USD chart Source: IT-Finance.com
GBP/USD chart Source: IT-Finance.com

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