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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, GBP/USD remain bid ahead of US NFP while EUR/GBP slips

​​Outlook on EUR/USD, EUR/GBP and GBP/USD ahead of Friday’s key US employment report.

GBP Source: Bloomberg

​​​EUR/USD bounces off early October low

​The bounce off EUR/USD's $1.046 low has so far led to two consecutive days of gains with last week’s $1.0617 high, the May low and mid-September low at $1.0632 to $1.0636 remaining in sight.

​A rise and weekly chart close this Friday above this resistance area would confirm at least a minor bottoming formation.

​While this is not the case, the medium-term downtrend remains intact with the mid-November high, early and December low and January low at $1.0484 to $1.0444 acting as a key support area.

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

​EUR/GBP side-lined above £0.8631

EUR/GBP's fall from its £0.8706 September peak took it to last week’s low at £0.8631, above which it has been range trading ever since.

​Support below Wednesday’s low at £0.864 sits at last week’s low at £0.8631. Failure there could lead to the 55-day simple moving average (SMA) at £0.8604 being revisited.

​Immediate resistance is to be found at Thursday’s £0.8691 high, a rise above which would likely engage the early October high at £0.8691. Further up meanders the 200-day SMA at £0.8705.

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

​GBP/USD recovers further from near seven-month low

GBP/USD's​ recovery from its seven-month low at $1.2038 has taken the cross above its downtrend channel resistance line at $1.2178 with last week’s high at $1.2271 remaining in sight.

This level will need to be bettered for a medium-term bullish reversal to take shape.

​Slips should find support around the 27 September low at $1.212 ahead of this week’s low at $1.2038. This low was made near the mid-March low at $1.2011 and the minor psychological $1.20 mark.

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

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Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

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