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EUR/USD nears 3-month high while EUR/GBP drops and GBP/USD surges ahead​​​

EUR/USD nears 3-month high while EUR/GBP drops and GBP/USD surges ahead​ at start of the week amid light economic calendar.​​​

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Written by: Axel Rudolph | Market Analyst, London
Publication date:

​​​EUR/USD nears 8-month high

EUR/USD has resumed its ascent and is about to overcome its $1.1047 8-month high, above which lies the 10 August 2023 high at $1.1065 as well as the $1.1075-95 zone.

​Only a currently unexpected slip through Thursday's $1.0949 low would have short-term bearish implications, with the early June high at $1.0916 being back in play.

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

​EUR/GBP slips further still

​EUR/GBP topped out below the April-to-August peaks at £0.8624-to-£0.8644 and is still trading in one-week lows whilst targeting the £0.8499 early July high.

​Minor resistance is seen along the 200-day simple moving average (SMA) at £0.855

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

​GBP/USD trades in one-month highs

GBP/USD recovery off its $1.2665 early August low has its July peak at $1.3045 in its sights.

​Minor support is seen around Tuesday's $1.2873 high.

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. 70% 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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