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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 rallies while EUR/USD, GBP/USD drop further amid greenback strength​

​EUR/GBP rallies while EUR/USD, GBP/USD drop further on greenback strength amid escalating tensions in the Middle East.​

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

EUR/USD slips further

EUR/USD further comes off its $1.1201-to-$1.1214 August and September highs on flight-to-quality flows into the US dollar amid heightened tensions in the Middle East.

Minor support below the 55-day simple moving average (SMA) at $1.1027 sits at the $1.1002 September trough. A fall through this level would form a medium-term top. Minor resistance can now be seen at the 19 September low at $1.1069.

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

​EUR/GBP rallies

EUR/GBP recovers from its near 2 1/2 year £0.8311 low towards the £0.8373-78 resistance zone which may cap on Thursday.

Significant support below £0.8311 sits between the 21 March 2022 low at £0.8296, the £0.8285 January 2022 low and the £0.8277 December 2019 low. 

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

​GBP/USD tumbles further

GBP/USD has nearly given back 2% from its $1.3434 September peak while falling towards the 19 September low at $1.3154. Further down meanders the 55-day SMA and lie the July high and September low at $1.3045-to-$1.3002.

Minor resistance can now be found between the 23 September and 1 October lows at $1.3237-to-$1.3249.

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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