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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. 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 financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

EUR/USD, GBP/USD slip further while EUR/GBP sees recovery​​​

​​​EUR/USD, GBP/USD slip further as the greenback continues to appreciate, while EUR/GBP bounces off support.​​

GBP Source: Adobe images

​​​EUR/USD drops further

EUR/USD continues to slide in seven-month lows amid ongoing US dollar appreciation with the April low at $1.0602 being tested. A fall through this level would engage the November 2023 low at $1.0517.

​Minor resistance can be seen at the 1 May $1.0649 low.

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

​​EUR/GBP bounces back

EUR/GBP has seen a swift recovery from this week's low at £0.826, a level last traded in April 2022, towards the 24 October high at £0.8352. If overcome, the 55-day simple moving average (SMA) at £0.8369 will be in focus.

​Minor support now sits at the £0.8311 early October low and also between the 18 and 29 October lows at £0.8299-to-£0.8296.

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

​GBP/USD slips further

GBP/USD's drop through the 200-day SMA at $1.2817 is medium-term bearish with the August low at $1.2665 representing the next downside target. The 200-day SMA should now act as resistance.

Further up last week's $1.2835-to-$1.2844 lows may also act as resistance, if reached at all, and further up the 23 October low at $1.2908.

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

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CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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