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GBP/USD slips to six-month low, EUR/USD tests key support while EUR/GBP stabilises

GBP/USD slips to six-month low, EUR/USD tests key support while EUR/GBP stabilises on last day of the week.

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

GBP/USD slips further still

GBP/USD trades in six-month lows as it is slipping towards the $1.2500 region with last week's $1.2597 low acting as potential minor resistance with the June low at $1.3613.

GBP/USD chart Source: TradingView
GBP/USD chart Source: TradingView

EUR/USD weighs on key support

EUR/USD weighs on the lower boundary of the key support zone made up of the November 2023 low at $1.0517 and the October 2023 trough at $1.0449. Were it to give way, the October 2023 low at $1.0449 would be eyed. Further down lies the January 2023 low at $1.0423.

Minor resistance above last week's low at $1.0497 comes in at Wednesday's $1.0610 high.

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

EUR/GBP finds support

EUR/GBP once again bounces off Wednesday's £0.8314 low, below which lies the current November trough at £0.8260, a level last traded in April 2022.

The 55-day simple moving average (SMA) at £0.8358 is short-term in sight, above which Tuesday's high can be spotted at £0.8375 as well as the late August low at £0.8400.

EUR/GBP chart Source: TradingView
EUR/GBP 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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