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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

​​​EUR/GBP tumbles to critical support, AUD/USD through support while GBP/USD rallies​​

​​​EUR/GBP tumbles, GBP/USD rallies on higher-than-expected UK inflation print while AUD/USD slips through support.​​

USD Source: Getty Images

​​​EUR/GBP drops to key support

EUR/GBP drops like a stone towards its major £0.8503-to-£0.8493 support area from which it may recover once again as it has done since August 2023. Were a daily chart close below £0.8493 to be made, though, the July and August 2022 lows at £0.8409-04 would be targeted.

​Minor resistance sits at the £0.8521 mid-April low and above it at the £0.8531 late-April low.

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

​GBP/USD grinds higher

GBP/USD grinds higher in low volatility in two-month highs with the $1.2803 late-March high remaining in sight.

​Potential slips may find support around Friday's low at $1.2645.

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

​AUD/USD tries to bounce off support

AUD/USD tries to bounce off its previous key resistance - now because of inverse polarity support zone - at $0.6667 to $0.6644, just as it did last week when it recovered from it. While it holds on a daily chart closing basis, last week's high at $0.6714 remains in sight and, above it, the $0.685 area.

​Minor support below $0.6644 is seen at the $0.6629 mid-May high.​​

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

This information has been prepared by IG, a trading name of IG 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.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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