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Spread bets and 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 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.
Spread bets and 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 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/USD, EUR/GBP and GBP/USD still press higher.

​​​EUR/USD, EUR/GBP and GBP/USD remain bid ahead of Tuesday’s US CPI print.​​

EUR Source: Bloomberg

EUR/USD rises from last week's seven-week low

EUR/USD seems to be on track for its fifth consecutive day of gains while it continues to bounce off its $1.0723 early February low.

It is seen gradually rising towards the 200-day simple moving average (SMA) and the December-to-February downtrend line at 1.0832 to 1.0842. While below it, the medium-term downtrend will stay intact.

Minor support is seen at Thursday’s 1.0742 low and more significant support at Monday’s $1.0723 low, a slip trough which would engage the $1.0694 late October high.

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

​EUR/GBP still bounces off its five-month low

EUR/GBP’s is seen gradually rising from its £0.8516 low, made last week close to the five-month January low at £0.8514.

Minor resistance now sits between £0.855 and £0.8559, the December low, downtrend line and 1 February high, followed by more significant resistance at last Monday’s £0.8572 two-week high. 

A still more likely fall through £0.8514 would engage the significant July-to-August lows at £0.8504 to £0.8493 below which lies the April 2021 low at £0.8472. A rise above £0.8572 would put the 9 January low at £0.8587 on the map, ahead of the 55- and 200-day SMA at £0.8594 to £0.862.

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

​GBP/USD finds it difficult to grind higher

GBP/USD is trading back above the 200-day SMA at $1.2563 and is heading towards last week’s high at $1.2642, a rise above which would put the 55-day SMA at $1.2673 on the cards. It delineates the middle of the currency pair’s three-months sideways trading range.

Support below Thursday’s low and the 200-day SMA at $1.2572 to $1.2653 can be spotted along the October-to-February uptrend line at $1.2548.

While the early February low at $1.2519 underpins, the wide sideways trading range should remain intact.​​

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

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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