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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

​EUR/GBP stays sidelined while GBP/USD and AUD/USD advance

​​EUR/GBP stays sidelined while GBP/USD and AUD/USD advance​ further still despite planned US-China trade talks later this week.

GBP/USD Source: Adobe images

Written by

Axel Rudolph FSTA

Axel Rudolph FSTA

Senior Technical Analyst

Article publication date:

​​​EUR/GBP remains sidelined 

EUR/GBP trades above Tuesday's £0.8463 low, made close to the January high at £0.8473, both of which may again act as minor support. 

​Because of inverse polarity the recent daily lows at £0.8520-to-£0.8531 may act as resistance ahead of the more important  £0.8613-to-£0.8623 resistance zone.  

​Only if overcome, would the December 2023 peak at £0.8714 and the current April peak at £0.8738 high be back in view. 

​​EUR/GBP daily chart

EUR/GBP chart Source: TradingView

​GBP/USD stays bid 

GBP/USD recovered from last week's $1.3260 low which together with the previous week's $1.3234 low should offer support. While this support zone underpins, the recent $1.3444 high and the February 2022 low at $1.3487 will remain in focus.  

GBP/USD daily chart

GBP/USD chart Source: TradingView

​AUD/USD hovers above resistance 

AUD/USD once more managed to rise above the February-to-April highs at $0.6388-to-$0.6439, this time to $0.6515 before dipping. 

​Minor support is seen along the 200-day simple moving average (SMA) at $0.6455. 

Minor support below the 22 April high at $0.6439 sits between the 24-to-30 April lows at $0.6356-to-$0.6344 ahead of the 55-day SMA at $0.6312.​​ 

AUD/USD daily chart

AUD/USD chart Source: TradingView