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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/GBP, EUR/USD rally while GBP/USD slips​

​​​EUR/GBP, EUR/USD rally while GBP/USD slips ahead of BoE rate decision​ on Thursday.​

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

​​​EUR/USD sees minor recovery

EUR/USD levelled out at $1.0454 on Friday, marginally below the early December low at $1.0461, and now has the $1.055 region in its sights.

​Below $1.0454 lies the November $1.0333 low.

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

​EUR/GBP surges higher

​Last week's EUR/GBP fall to £0.8226, close to the March 2022 low at £0.8204, has been followed by a sharp rally towards the 55-day simple moving average (SMA) at £0.8330. Above it beckons the August-to-December resistance line at £0.8352.

​Minor support sits in the £0.8301-to-£0.8296 support zone and further minor support in the £0.8271-to-£0.8260 region.

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

​GBP/USD under pressure

​Last week GBP/USD was rejected by the September-to-December resistance line and is thus still seen heading back down towards Monday's $1.2617 low. Below it lies the mid-November $1.2597 low.

​The 20 and 29 November highs at $1.2715-to-$1.275 continue to represent a resistance zone. Further up meanders the 200-day SMA at $1.2817.

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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