CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

EUR/USD, GBP/USD and AUD/USD consolidate ahead of next move

EUR/USD, GBP/USD and AUD/USD consolidate, with the euro looking likeliest to underperform.

​EUR/USD drifts lower as downtrend continues

EUR/USD has been continuing its recent downtrend, with price moving back towards the $1.0827 lows from last Friday.

We have seen precious few signs that this trend is about to come to an end, and thus a bearish outlook remains in play. A rise through the recent high of $1.0861 would bring the potential for a more bullish outlook.

GBP/USD consolidates after recent gains

GBP/USD has been outperforming over the past week, with the pair moving into $1.307 resistance on Thursday. However, we are seeing that resistance level hold for now, as the price consolidates and eases back somewhat.

A break through that resistance point would bring a renewed bullish outlook, yet further short-term downside does look likely until that happens.

AUD/USD regaining ground after recent consolidation

AUD/USD is on the rise, following a period of consolidation that has seen the price tighten above the $0.671 support level. With the price tentatively rising through $0.6731, there is the potential for another leg higher from here.

However, it makes sense to await a more complete break through that level to start expecting any decent surge from here. Until then, the recent consolidation zone of $0.671-$0.6731 remains in play and thus short-term downside looks likely. ​

This information has been prepared by IG, a trading name of IG 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.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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