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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. 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 instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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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
Forex GBP/USD EUR/GBP AUD/USD Pound sterling Euro
Written by: Axel Rudolph | Market Analyst, London
Publication date:

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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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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