EUR/USD, GBP/USD and EUR/GBP turning lower after recent gains
EUR/USD, GBP/USD and EUR/GBP turn lower, but will this mark the beginning of a bearish phase following recent gains?
EUR/USD falls into key support after respecting notable resistance level
EUR/USD has started to weaken after its recent rally took the pair into the late-July peak of $1.1908. With the price falling back into the confluence of trendline support and the $1.1866 swing-low, there is a good chance we could start to see a wider pullback from here if the price breaks support.
As such, keep an eye out for whether we see a move below this current area of support to guide us on whether we will see this recent pullback extend further. To the upside, a break through $1.1908 would bring greater confidence of a bullish continuation.
GBP/USD drifts lower from key resistance
GBP/USD has similarly turned lower from a notable resistance level, with the $1.3888 peak from mid-August holding to send the pair lower this morning.
However, the intraday trend of higher lows does remain in play, meaning that it makes sense to await a break through either $1.3888 (bullish), or $1.3818 (bearish) for guidance on where we go from here.
EUR/GBP starts to roll over after recent rebound
EUR/GBP dropped below trendline support on Friday, following a rally into the deep Fibonacci zone.
The wider bearish trend looks like it could kick in once again, with a move below the likes of $0.8558 and $0.8542 bringing greater confidence of that breakdown.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
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
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.