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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/USD, EUR/GBP and GBP/USD stabilize ahead of weekend

​​​EUR/USD, EUR/GBP and GBP/USD stabilize following week of US dollar strength​ amid strong US PMI data and rates higher for longer scenario.​

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

​​​EUR/USD finds support

​GBP/USD still flirts with the breached December-to-May downtrend line at $1.0810, below which the 55- and 200-day simple moving averages (SMAs) at $1.0787 might act as support. ​Resistance remains to be seen at last week's $1.0895 high, above which lies the March peak at $1.0981.

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

​EUR/GBP hovers above key support

EUR/GBP weighs on its major £0.8503-to-£0.8493 support area from which it may still bounce back as it has done since August 2023. Were a daily chart close below £0.8493 to be made, though, the July and August 2022 lows at £0.8409-04 would be in focus. ​Minor resistance sits at the £0.8521 mid-April low and above it at the £0.8531 late April low.

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

​GBP/USD resumes its ascent

GBP/USD lost upside momentum at this week's $1.2761 high, made close to the $1.2803 late March high, with the accelerated support line at $1.2686 being tested. Potential slips below the support line may find support around last Friday's low at $1.2645.

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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