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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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​​​Likely quiet day for EUR/USD, EUR/GBP and GBP/USD as US shut for Labor Day​​​

​​Likely quiet day ahead for EUR/USD, EUR/GBP and GBP/USD as US is shut for Labor Day and no US data is being released. ​

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Forex EUR/USD United States dollar Euro GBP/USD EUR/GBP
Written by: Axel Rudolph | Market Analyst, London
Publication date:

​​​EUR/USD dips further still

EUR/USD's fall through Thursday's low at $1.1098 neutralized our short-term outlook.

This level has now become resistance with the $1.1047-40 zone offering potential support on Monday as the US is shut for Labor Day.

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

​EUR/GBP stabilizes

EUR/GBP holds above the June-to-July lows at £0.8398-to-£0.8378 which are expected to once more act as support. If not, the 2 August 2022 low at £0.824 would be next in line.

Minor resistance is seen along the 55-day simple moving average (SMA) at £0.8468.

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

GBP/USD retraces lower

​Last week GBP/USD practically reached our $1.3273-99 target zone, made up of the February 2022 low and March 2022 high, before keeling over.

The July 2023 peak at $1.3143 may now act as potential minor resistance while minor support is seen 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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