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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 side-lined near highs while EUR/GBP dips​​​

​​​EUR/USD, GBP/USD side-lined near highs while EUR/GBP slips further still on GBP strength.​​

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

​​​EUR/USD still side-lined

EUR/USD remains side-lined below its $1.1201-to-$1.1214 August and September highs. A rise above last Wednesday's high at $1.1214 would put the July 2023 peak at $1.1275 on the cards.

​Support below Friday's low at $1.1125 lies between the August-to-September tentative uptrend line at $1.0980.

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

​EUR/GBP dips

EUR/GBP revisited its near 2 1/2 year £0.8318 low, made marginally above its 21 March 2022 low at £0.8296 which may still be reached at some stage. Together with the £0.8285 January 2022 low and the £0.8277 December 2019 low it represents significant support.

​​Previous support at £0.8378-73, because of inverse polarity, should acts as resistance above Monday's £0.8360 high.

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

​GBP/USD still range trades

GBP/USD sideways trades around its $1.3412 September 2022 low. Were it to be exceeded, the $1.3515 December 2019 peak would be targeted, though.

Support below Thursday's $1.3313 low remains to be seen at the $1.3267 August 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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