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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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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​​.

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

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

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.

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

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.

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