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EUR/GBP digs into support as GBP/USD grapples with resistance pre-UK budget while EUR/USD bounces off support

EUR/GBP digs into support as GBP/USD grapples with resistance ahead of the UK’s first Labour party budget in 14 years; meanwhile EUR/USD bounces off support.

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

EUR/USD bounces off support

EUR/USD revisited and then bounced off its $1.0778-62 support area as expected. For a bullish reversal to take shape, a rise and daily chart close above Friday's high at $1.0839 would need to be seen. If so, the 200-day simple moving average (SMA) at $1.0868 would be back in the frame.

Failure at $1.0778, however, would push the 9 May low at $1.0724 to the fore.

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

EUR/GBP digs into support

EUR/GBP retests the £0.8318-to-£0.8296 support area ahead of the UK budget. Were this support zone to give way, the January 2022 and December 2019 lows at £0.8285-77 would be in sight.

Minor resistance comes in at last week's high at £0.8352.

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

GBP/USD grapples with resistance

GBP/USD fights with the $1.3000-to-$1.3045 resistance area ahead of Rachel Reeve's first Labour budget in 14 years. While it caps, the recent downtrend remains intact.

A slip through $1.2908 would eye the June high at $1.2861.

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

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