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EUR/USD and GBP/USD drop back as AUD/USD holds steady

Some of the gains of the past few days in EUR/USD and GBP/USD have been given back, while AUD/USD refuses to budge.

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Forex United States dollar EUR/USD AUD/USD GBP/USD Euro
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/USD struggles below $1.225

Gains have stalled below $1.225 for EUR/USD, so while the price has been able to hold around $1.22 in recent sessions, it now needs to find some upward momentum to avoid a developing negative view.

However, given the size of the bounce from early April, it is possible that this is a consolidation period before a new leg higher. A move above $1.225 could signal when this resolves into a new leg higher.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD edges back to trendline support

GBP/USD finds itself at trendline support from mid-May, having fallen back from the new three-year high hit yesterday. Below $1.414, the $1.40 area comes into play, while a renewed bounce targets $1.424 and higher.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

AUD/USD stuck in narrow range

AUD/USD has remained frustratingly range-bound in recent sessions, held above $0.77 but unable to move on above $0.775. A continued defence of $0.77 does suggest that the next move will be higher, but there is little sign of this at present.

AUD/USD chart Source: ProRealTime
AUD/USD chart Source: ProRealTime

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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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