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 regain ground on drug optimism

EUR/USD, GBP/USD and AUD/USD show signs of a potential resurgence following yesterday’s Gilead announcement.

​EUR/USD falling back after overnight gains

EUR/USD gains appear to have been short-lived, with the pair heading lower again this morning. News of a potential breakthrough from US drugmaker Gilead has helped boost sentiment, yet that dollar weakness is fading as we enter the European session.

The downtrend in play since Tuesday's top points towards the potential for further short-term downside. However, with the possibility of that dollar weakness story coming back into play, a more bullish picture would come into play with a break through the $1.0901 level.

GBP/USD rises through key resistance

GBP/USD has managed to tentatively break through the $1.2516 resistance level overnight, with the price moving lower since. This could mark an end to the recent downside, as the haven dollar falls out of favour.

With that in mind, there is a good chance that the current move lower is a precursor to a rally in GBP/USD. Confirmation comes with a break through $1.2522.

AUD/USD leads the way higher

AUD/USD is ahead of the pack on the bullish side, with the pair rallying sharply on yesterday’s Gilead announcement.

The break through $0.6334 points towards a bullish phase coming into play, with the current pullback looking like a short-term retracement until we move higher again. As such, a bullish outlook is in play unless we see a break through the prior swing low (currently $0.6271).


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.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Friday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.