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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, GBP/USD remain under pressure as EUR/GBP stabilises

​​​EUR/USD, GBP/USD remain under pressure as EUR/GBP stabilises​ post soaring US initial claims.​

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

​​​EUR/USD slips further

EUR/USD slips further towards its 8 August low at $1.0882 and the 200-day simple moving average (SMA) at $1.0874, around which it is likely to at least short-term hold.

​Minor resistance is now seen at the 4 October $1.0952 low and also at the 8 October $1.0997 high.

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

​EUR/GBP sidelined

EUR/GBP remains sidelined below last week's near two-week high at £0.8434, made close to the 55-day SMA at £0.8441, and Thursday's and last Friday's low at £0.8355-to-£0.8354 from where it currently recovers.

Below this level sits the £0.8322-11 support zone.

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

​GBP/USD slides further

GBP/USD now trades below the 55-day SMA at $1.3073 which now acts as resistance. Were Thursday's low at $1.3022 to give way, the September low at $1.3002 eyed. This support level with the $1.3000 mark is key for the medium-term trend as a fall through it could lead to the 200-day SMA at $1.2787 being back in view.

​​While the $1.3000 mark underpins, the medium-term uptrend remains intact though. Minor resistance above the 55-day SMA can be found at the early September high at $1.3239.

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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