Outlook on EUR/USD, EUR/GBP and GBP/USD amid ECB and MPC member speeches
View on EUR/USD, EUR/GBP and GBP/USD amid ECB and MPC member speeches.
EUR/USD awaits inflation data releases
EUR/USD shot up to $1.0888 on Thursday but then slid back to its 5 February high at $1.0805 above which it is currently trading. While it holds, further range trading between $1.0888 and $1.0805 is probably at hand.
Below the 5 February high at $1.0805 lies the breached uptrend line at $1.075.
EUR/GBP regains recently lost ground
EUR/GBP is trying to regain lost ground from Friday's £0.8529 low and eyes the £0.8557 to £0.8578 key resistance area. As long as it caps, further sideways trading remains in play.
A rise and daily chart close above £0.8578 needs to take place for the 200-day simple moving average (SMA) at £0.8585 to be reached. Support below Monday's £0.8538 low lies between the July-to-August lows at £0.8504 to £0.8493.
GBP/USD loses upside momentum
GBP/USD continues to oscillate around the 55-day SMA at $1.2673, having last week risen to $1.271 before falling back.
The minor $1.271 resistance needs to be overcome for the $1.275 region to be back in view. This scenario will remain valid while the early-February low at $1.2519 holds. The accelerated uptrend line at $1.2646 may offer support on Monday.
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
