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EUR/USD, GBP/USD stay bid while EUR/GBP runs out of steam​

Outlook on EUR/USD, GBP/USD and EUR/GBP on a data-wise quiet day.

Euro Source: Getty Images
Forex EUR/USD GBP/USD EUR/GBP Euro Pound sterling
Written by: Axel Rudolph | Market Analyst, London
Publication date:

​​​EUR/USD remains bid

​EUR/USD is aiming to revisit the $1.079 to $1.0812 resistance zone. While the early May low at $1.065 underpins, this resistance area is expected to eventually give way with the December-to-May downtrend line at $1.0838 being eyed next.

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

​EUR/GBP looks short-term capped

​EUR/GBP continues to trade around the 200-day simple moving average (SMA) at £0.8603, while staying below Thursday's £0.862 high. Above this levels lies the £0.8644 April high.

Minor support can be found at the 9 May low and 3 May high at £0.8591-86.

EUR/GBP chart Source: TradingView
EUR/GBP chart Source: TradingView

​​​​GBP/USD continues its advance

​GBP/USD probes the $1.2539-41 minor resistance area above which the 55-day SMA can be found at $1.2601.

The cross is deemed to be bullish while trading above its $1.2466 early May low.

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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