FX levels to watch – EUR/USD, GBP/USD, AUD/USD

A big day dawns for cable as UK data and the latest BoE meeting dominate.

Australian dollar
Source: Bloomberg

EUR/USD misses out on $1.19

Steady gains remain the order of the day here, although the sharp spike to $1.19 has been knocked back for now.

A shallow overnight retracement has brought EUR/USD back to the 50-hour simple moving average (SMA) at $1.1830, from where it may continue to find support. It would still need a move below $1.1714 to even begin to suggest that the rally has run its course.

EUR/USD price chart

GBP/USD faces a potentially volatile day

Services PMI, the Monetary Policy Committee (MPC) meeting and the inflation report mean that today could be volatile for GBP/USD.

Over the past two days, gains around $1.3230 have been hard to sustain, but with the uptrend still strong, a dip back towards $1.31 should provide another potential buying opportunity. 

GBP/USD price chart

AUD/USD heading towards support?

The price action of the past month has centred around $0.7950 at AUD/USD. The drop over the month so far could continue towards support at $0.7877.

A rally from here would need to clear $0.8065 to suggest more upside is on the way. 

AUD/USD price chart

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