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EUR/USD consolidation goes on but GBP/USD finally pushes higher

EUR/USD finds itself unable to push on above $1.135, but against the dollar the pound is enjoying some overdue gains.

GBP/USD Source: Bloomberg
Forex EUR/USD GBP/USD Euro Pound sterling Currency
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/USD stuck below resistance

A move through $1.135 continues to elude EUR/USD, with this area of resistance coming into play throughout the past month.

This short-term retracement/consolidation within a wider downtrend leaves the bearish view intact, and even a bounce that sees the price push on towards $1.15 would also maintain that view. The run of lower highs in recent months leaves the sellers firmly in charge.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD stages a recovery

The pre-Christmas week is proving to be a boon for GBP/USD, as a third day of gains sees the price push on above the $1.337 swing high.

From here $1.347 and $1.3515 come into view, although as with EUR/USD the downtrend is still firmly in place, with this bounce viewed within that broader bearish context.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

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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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