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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/USD, GBP/USD and EUR/GBP await US CPI report

​Outlook on EUR/USD, EUR/GBP and GBP/USD ahead of US inflation report.

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EUR/USD loses upside momentum ahead of US inflation report

EUR/USD over 2% rally from last week’s $1.0484 low is losing upside momentum as market players await US Consumer Price Inflation (CPI).

The May 2022 peak at $1.0787 may nonetheless be reached before US inflation data is released. Above this level lies the March 2022 low at $1.0806 ahead of the 50% retracement of the 2021 to 2022 decline at $1.094 and the psychological $1.10 mark.

Minor support is to be found between the mid- to late-December highs at $1.0736 to $1.0715 and further down below Friday’s $1.0648 high between the $1.0595 early December-high and the $1.0574 19 December trough.

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

EUR/GBP flirts with its October and December peaks

On Wednesday EUR/GBP briefly overcame its October to late December as well as early January highs at £0.8867 to £0.8877 by rising to $0.8881 before short-term consolidating.

A daily chart close above Wednesday’s high at £0.8881 would put the minor psychological £0.90 region on the plate.

While the December-to-January support line at £0.88 isn’t slipped through, the cross remains supported. Slightly below it lies the £0.8783 early January low.

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

GBP/USD trades in low volatility sideways trading range ahead of US inflation data release

GBP/USD has been trading in an around 100 pips range since the beginning of the week below Monday’s $1.221 high as market participants await US inflation data out later today.

Should the currency pair manage to rise above $1.2210, the early December high at $1.2344 would be targeted ahead of the December peak at $1.2446.

Strong support can be seen between the 200- and 55-day simple moving averages (SMA) and the September-to-December uptrend lines at $1.2002 to $1.1918. While the next lower $1.1841 early January low underpins, further upside is likely to be in store.

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