EUR/USD consolidation goes on but GBP/USD finally pushes higher
EUR/USD finds itself unable to push on above $1.135, but against the dollar the pound is enjoying some overdue gains.
EUR/USD stuck below resistance
A move through $1.135 continues to elude EUR/USD, with this area of resistance coming into play throughout the past month.
This short-term retracement/consolidation within a wider downtrend leaves the bearish view intact, and even a bounce that sees the price push on towards $1.15 would also maintain that view. The run of lower highs in recent months leaves the sellers firmly in charge.
GBP/USD stages a recovery
The pre-Christmas week is proving to be a boon for GBP/USD, as a third day of gains sees the price push on above the $1.337 swing high.
From here $1.347 and $1.3515 come into view, although as with EUR/USD the downtrend is still firmly in place, with this bounce viewed within that broader bearish context.
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.
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
