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

​EUR/USD, EUR/GBP and GBP/USD little changed ahead of UK budget​​​

​​EUR/USD, EUR/GBP and GBP/USD trade in low volatility ahead of Wednesday’s UK budget at which tax rises and more government borrowing seem to be on the agenda.​

GBP Source: Adobe images

​​​EUR/USD side-lined

EUR/USD continues to hover above its $1.0778-62 support zone which is expected to hold. If not, the 9 May low at $1.0724 would be in focus.

Bearish pressure will be maintained while Friday's high at $1.0839 caps.

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

​EUR/GBP ranges above support

EUR/GBP remains above the £0.8318-to-£0.8296 support area. Were it to be slipped through, the January 2022 and December 2019 lows at £0.8285-77 would be next in line.

​Minor resistance comes in at last week's high at £0.8352.

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

​GBP/USD range bound

​Last week's GBP/USD bounce off its $1.2908 two-month low was rejected by the $1.30 region. While the area up to the $1.3045 July peak isn't overcome, further downside is likely on the cards.

​A slip through $1.2908 would engage the June high at $1.2861.

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

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