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EUR/GBP recovery stalls as GBP/USD and AUD/USD bounce off support

EUR/GBP recovery stalls as GBP/USD and AUD/USD bounce off support as US dollar appreciation to near 2-year highs takes a breather.

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

EUR/GBP recovery slows

EUR/GBP's recovery from last week's low at £0.8260, a level last traded in April 2022, has taken it to the 55-day simple moving average (SMA) at £0.8365 which acted as minor resistance. Nonetheless a further advance towards the late August low at £0.8400 remains at hand.

Minor support can now be seen at the 13 November £0.8345 high and then between the £0.8311 early October low and the 18 and 29 October lows at £0.8299-to-£0.8296.

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

GBP/USD finds interim support

GBP/USD is bouncing off last week's $1.2597 low, below which the 22 March low at $1.2576 and the 29 April high at $1.2570 remain to be seen.

The cross is now heading back towards minor resistance seen between the 15 August low at $1.2799 and the 200-day SMA at $1.2817.

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

AUD/USD bounces off support

AUD/USD so far managed to level out at $0.6441 and flirts with the 6 November $0.6513 low. Above lies further minor resistance at the $0.6537 30 October low.

A slip through $0.6441 would engage the August low at $0.6349.

AUD/USD chart Source: TradingView.com
AUD/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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