EUR/USD, EUR/GBP and GBP/USD side-lined post UK inflation print
EUR/USD, EUR/GBP and GBP/USD side-lined post UK inflation print and as US is shut for Juneteenth holiday.
EUR/USD hovers above support
Last week's sharp decline in EUR/USD neutralized our medium-term outlook. Below last week's low at $1.0668 lies the May low at $1.065.
Resistance can still be found at $1.0774-88 which is likely to cap when first tested.
EUR/GBP loses upside momentum
EUR/GBP bounce off last week's £0.8398 22-month low seems to be running out of steam below the key £0.8484-to-£0.8503 resistance area which is to cap, if reached at all.
Minor support comes in at last Tuesday's £0.8418 low and more important support at £0.8398, below which lies the £0.8389 mid-August 2022 low.
GBP/USD holds above support
GBP/USD fall through the $1.2694 to $1.2676 support zone has neutralized our outlook. A fall through Friday's low at $1.2657 would engage the 55-day simple moving average (SMA) at $1.2617.
Minor resistance can be spotted at the late may $1.2801 high.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only
