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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

AUD/USD, GBP/USD rally while EUR/GBP falls to near 2 ½ year low

AUD/USD, GBP/USD rally as RBA keeps rates unchanged while EUR/GBP falls to near 2 ½ year low on GBP strength.

Forex Source: Adobe images
Forex Source: Adobe images

AUD/USD rises further

AUD/USD practically reached the late December high at $0.6871 around which it faltered on Tuesday morning. Above it lurk the $0.6895-$0.6899 June and July 2023 highs.

Upside pressure should be maintained while Thursday's low at $0.6738 underpins.

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

EUR/GBP drops to near 2 1/2 year low

EUR/GBP's fall through its £0.8378-£0.8373 support zone has taken it to levels last traded in April 2022.

The 21 March 2022 low at £0.8296 represents the next downside target, together with the £0.8285 January 2022 low and the £0.8277 December 2019 trough.

Resistance now comes in at £0.8373-£0.8378.

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

GBP/USD looks bid

GBP/USD has managed to so far briefly overcome its $1.3358 January 2022 low with the $1.3412 September 2022 low being next in line ahead of the $1.3515 December 2019 peak.

Immediate support can be found at the $1.3267 August high.

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

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