CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

EUR/USD and GBP/USD retreat as AUD/USD attempts to bounce from support

The euro and sterling continue to struggle against the US dollar, while after several days of declines the Aussie is attempting to rally.

EUR/USD tests mid-June low

EUR/USD finds itself breaking below the $1.185 low of mid-June, having entirely retraced the weak bounce of late June.

Renewed declines now bring $1.17 into view, further unwinding the bounce from the beginning of April. Little bullish price action has been seen this week, with the sellers firmly in charge.

GBP/USD continues to decline

The decline with GBP/USD has been somewhat less precipitate here, but no less relentless for that. Having returned to the mid-June low, the price finds itself back at support, and if this is broken then a drop to $1.366 comes into view.

As with EUR/USD, the buyers have been unable to maintain a toehold in terms of price action, and the sellers are still looking to push home their advantage and move the price lower. A rally back above $1.39 would help to change that view in the short term.

AUD/USD attempts to hold support

The price of AUD/USD is doing its best to bounce from the mid-June support level at $0.7473, an area that was important back in December 2020.

A move back above $0.76 would revive the bullish view, but the first step will be to hold the current support level with a daily close above $0.7473. A renewed move lower targets $0.732 in the first instance.


This information has been prepared by IG, a trading name of IG Markets 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.

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
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. All share prices are delayed by at least 20 minutes. Prices are indicative only.

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.