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CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

​​EUR/USD and GBP/USD slip while EUR/GBP stabilises amid higher-than-expected UK unemployment reading

​​Outlook on EUR/USD, EUR/GBP and GBP/USD post 3.9% March UK unemployment report.

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​​​EUR/USD remains under pressure ahead of German ZEW survey

EUR/USD'S two-week descent revisits the 55-day simple moving average (SMA) at $1.086 ahead of Tuesday’s German ZEW Economic Sentiment data release which may lead to a fall through its one-month $1.0848 low.

​In this case the 10 April low at $1.0832 would be eyed, followed by the mid-February high at $1.0804. Further potential support sits around the early April low at $1.0789 while resistance can be spotted between the 23 March high and 2 May low at $1.0929 to $1.0943.

While this resistance zone caps, downside pressure is expected to dominate.

EUR/USD chart Source: IT-Finance.com
EUR/USD chart Source: IT-Finance.com

​EUR/GBP holds as UK unemployment rises to 3.9%

EUR/GBP's slide to levels last traded in December of last year has been followed by another minor recovery rally as March UK unemployment data came in worse than expected at 3.9% (versus 3.8% in the previous month) and average earnings at an unchanged 5.8% as forecast.

​The cross is once again trying to head back up towards its 200-day SMA at £0.8742 which last week acted as resistance and may do so again.

​Above it the late February low at £0.8755 may also stall an attempt of a move higher taking place, together with the early May low at £0.876. ​A slip through Monday’s low at $0.8678 may lead to last week’s 2023 low at £0.8662 being revisited but this scenario currently looks less probable than a continued rise, at least over the next few days.

EUR/GBP chart Source: IT-Finance.com
EUR/GBP chart Source: IT-Finance.com

​GBP/USD resumes its descent as UK unemployment data exceeds forecasts

GBP/USD's recovery rally from Friday’s $1.2445 low stalled at $1.2534 on Monday before resuming its descent on a higher March reading for UK unemployment at 3.9%.

​A fall through last week’s $1.2445 low would put the $1.2387 to $1.2345 zone on the map. It consists of the mid- to late April lows and should offer good support. Support below this area lies at the mid-February high and early April low at $1.2275 to $1.227.

​Only a currently unexpected bullish reversal, rise and daily chart close above Monday’s $1.2534 high could lead to the mid-April high at $1.2546 being retested, above which the late April peak can be spotted at $1.2584.

GBP/USD chart Source: IT-Finance.com
GBP/USD chart Source: IT-Finance.com

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