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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 drops to over 2-year low while GBP/USD slides to 9-month low

EUR/USD drops to over 2-year low while GBP/USD slides to 9-month low amid positive US outlook and appreciating US dollar.

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

​​EUR/USD drops to over 2-year low

EUR/USD continues its descent and now flirts with the late November 2022 low at $1.0223. Below it lies the September 2022 high at $1.0197 which may offer interim support on the way down towards parity.

The previous key support area at the $1.0333-to-$1.0344 November and December lows should now, because of inverse polarity, act as resistance. 

EUR/USD chart Source: TradingView
EUR/USD chart Source: TradingView

GBP/USD falls to 9-month low

GBP/USD's fall through its eight-month $1.2475 December low has taken it to a nine-month low at $1.2353 whilst targeting the April 2024 low at $1.2300 around which it may find some support.

Good resistance sits between the November and mid-December lows at $1.2475-to-$1.2488. 

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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