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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 rise further while GBP/USD stalls amid slightly softer UK inflation print​​​

​EUR/USD, EUR/GBP rise further while GBP/USD stalls amid slightly softer UK inflation print​ ahead of key US CPI data release.

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

​​​EUR/USD bounces further off low

EUR/USD's recovery from its over 2-year $1.0178 low still has the minor resistance between the $1.0333-to- $1.0344 November and mid-December lows in its sights.  

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

EUR/GBP rally is ongoing

EUR/GBP is on track for its sixth straight days of gains which has taken it above the 200-day simple moving average (SMA) at £0.8422 which may now act as minor support. On Tuesday the cross probed the October peak at £0.8447 which so far caps. If bettered, a medium-term bottoming formation will be formed with the £0.86 region being in focus.

​Support below the 200-day SMA at £0.8422 lies at the 9 January high at £0.8406 and further down between the mid-October, mid-to-late November highs at £0.838-to-£0.8364.

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

​GBP/USD holds above 13-month low

GBP/USD gradual recovery from its 15-month $1.21 low is ongoing with Tuesday's $1.225 high being eyed. If overcome, the early January low at $1.2353 would be targeted. ​

​A fall through the $1.21 mark would target the October 2023 low at $1.2038, as well as the psychological $1.20 mark.​​

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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