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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 resume their ascents as EUR/GBP is trying to stabilize​​​

​​​EUR/USD, GBP/USD resume their ascents as EUR/GBP is trying to stabilize​ ahead of eurozone and US PCE inflation data out on Friday.​

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

​​​EUR/USD rally takes a breather

EUR/USD took a minor hit on Wednesday but as long as it stays above last Thursday's low at $1.1098, it remains on track to reach its July 2023 peak at $1.1275.

​Below $1.1098, the $1.1047-40 area may offer potential support.

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

​EUR/GBP tries to find support

EUR/GBP's slip through the 55-day simple moving average (SMA) at £0.8469, now resistance, means that the cross is engaged in a downtrend with the June-to-July lows at £0.8398-to-£0.8378 being back in focus.

Short-term it may try to stabilize above Wednesday's £0.8411 low.

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

​GBP/USD remains bid

GBP/USD is still focused on the $1.3273-99 February 2022 low and March 2022 high with the July 2023 peak at $1.3143 acting as potential support.

Further minor support lies at the $1.3045 July high.

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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