EUR/GBP drops while GBP/USD, AUD/USD rally on back off weak greenback
EUR/GBP drops while GBP/USD, AUD/USD rally on the back off a weakening US dollar ahead of Tuesday’s US presidential election.
EUR/GBP rejected by resistance
The fact that EUR/GBP's late October rally faltered below the 11 September high at £0.8463, neutralized our medium-term outlook. Minor support around the mid-October £0.8380 high is now being revisited with the 24 October high at £0.8352 possibly acting as minor support as well.
Minor resistance now sits at the £0.8400 late August low.
GBP/USD nears resistance
GBP/USD recovers from its $1.2844 late October low towards the key $1.3000-to-$1.3045 resistance zone which this time round may well be breached. If so, the $1.3300 region would be back in sight.
Minor support can be seen around the 23 October low at $1.2910.
AUD/USD bounces off support
Even though AUD/USD briefly fell through its $0.6580-58 support zone to $0.6537 on Wednesday, the cross has since risen as expected with the 200-day simple moving average (SMA) at $0.6627 about to be hit. If overcome, the mid-October low at $0.6659 would be targeted.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
