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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 CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. 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 CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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​EUR/USD, EUR/GBP and GBP/USD little changed ahead of UK budget​​​

​​EUR/USD, EUR/GBP and GBP/USD trade in low volatility ahead of Wednesday’s UK budget at which tax rises and more government borrowing seem to be on the agenda.​

GBP Source: Adobe images
Forex Shares Pound sterling EUR/USD GBP/USD EUR/GBP
Written by: Axel Rudolph | Market Analyst, London
Publication date:

​​​EUR/USD side-lined

EUR/USD continues to hover above its $1.0778-62 support zone which is expected to hold. If not, the 9 May low at $1.0724 would be in focus.

​Bearish pressure will be maintained while Friday's high at $1.0839 caps.

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

​EUR/GBP ranges above support

EUR/GBP remains above the £0.8318-to-£0.8296 support area. Were it to be slipped through, the January 2022 and December 2019 lows at £0.8285-77 would be next in line.

​Minor resistance comes in at last week's high at £0.8352.

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

​GBP/USD range bound

​Last week's GBP/USD bounce off its $1.2908 two-month low was rejected by the $1.30 region. While the area up to the $1.3045 July peak isn't overcome, further downside is likely on the cards.

​A slip through $1.2908 would engage the June high at $1.2861.

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

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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 CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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