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EUR/USD, GBP/USD bounce off support while EUR/GBP is side-lined

EUR/USD, GBP/USD bounce off support as US dollar retreats while EUR/GBP is side-lined.

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

EUR/USD recovers further

EUR/USD continues to bounce off last week's $1.0333 low and targets last Wednesday's $1.0610 high. While it caps, the medium-term downtrend remains intact, though.

Minor support is seen at the mid-November $1.0497 low.

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

EUR/GBP sideways trades

EUR/GBP range trades above Friday's £0.8269 low. Below it sits the current November trough at £0.8260, a level last traded in April 2022.

The 55-day simple moving average (SMA) at £0.8350 continues to act as minor resistance. A rise above it would target last week's high at £0.8375 as well as the late August low at £0.8400.

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

GBP/USD bounces off support

GBP/USD recovers from last week's six-month low at $1.2488 with last week's high at $1.2715 remaining in sight.

Support above last week's low at $1.2488 can now be seen at the mid-November $1.2597 low.

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. 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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