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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% 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. 71% 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/USD, EUR/GBP and GBP/USD see buyers entering the fray

EUR/USD, EUR/GBP and GBP/USD see buyers despite looming French and UK elections.

EUR Source: Getty Images
Forex GBP/USD Euro EUR/USD EUR/GBP Pound sterling
Written by: Axel Rudolph | Market Analyst, London
Publication date:

EUR/USD bounces off support

EUR/USD bounces off Friday's low at $1.0671, below which lie the mid-June low at $1.0668 and the May low at $1.065, towards the 18 June high at $1.0761 to $1.0764.

It consists of last-Tuesday's high and the 55-day simple moving average (SMA).

EUR/USD chart Source: TradingView
EUR/USD chart Source: TradingView

EUR/GBP grinds higher

On Monday EUR/GBP tried to reach its key £0.8484-to-£0.8503 resistance area, in the process breaking through its May-to-June downtrend line at £0.8456 which should now act as minor support.

Further minor support lies at Wednesday's £0.843 low and more important support at £0.8398, below which sits the £0.8389 mid-August 2022 low.

EUR/GBP chart Source: TradingView
EUR/GBP chart Source: TradingView

GBP/USD bounces off support

GBP/USD's recovery from its the 55-day SMA at $1.2619 has further to run with Wednesday's high at $1.274 being in sight.

Potential slips should find support at the mid-June low at $1.2657.

GBP/USD chart Source: TradingView
GBP/USD chart Source: TradingView

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% 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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