EUR/USD, GBP/USD remain bid while EUR/GBP tests key long-term support
EUR/USD, GBP/USD remain bid following last week’s 50 bps Fed rate cut while EUR/GBP tests key long-term support.
EUR/USD retains bid
EUR/USD still sideways trades below last week's post-Fed 50 basis point (bps) rate cut $1.1189 high, made marginally below its $1.1201 August peak. This will remain in sight while Thursday's low at $1.1069 underpins.
Minor support above $1.1069 can be seen in the $1.1030 region.
EUR/GBP retests July low
EUR/GBP tests its £0.8378 July low which, together with the November 2021 trough at £0.8373 is expected to offer support. As long as this support zone holds, a bounce back towards the £0.8404 late August low may be on the cards.
Failure at £0.8373 would eye the £0.8367 early May 2022 low, below which lies the early August 2022 low at £0.8340.
GBP/USD looks bid
GBP/USD has so far risen to $1.3340, close to the $1.3358 January 2022 low which may short-term cap.
Immediate support can be found at the $1.3267 August peak.
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
