Skip to content

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

​​​​AUD/USD, EUR/GBP and GBP/USD rally post Powell remarks​​

​​​AUD/USD, EUR/GBP and GBP/USD as greenback depreciates following remarks by Fed Chair Jerome Powell on the inappropriateness of lowering rates before "greater confidence that inflation is moving sustainably down to 2%".

AUD Source: Bloomberg

​​​AUD/USD rallies strongly

AUD/USD rallies from this week's low at $0.6481, made marginally above its $0.6478 March low, and is about to test its December-to-April downtrend line at $0.6594. If overcome, the $0.6624 to $0.6635 region will be next in line.

​​Support is seen along the 55- and 200-day simple moving averages (SMA) at $0.6546 to $0.6544.

AUD/USD chart Source: TradingView.com
AUD/USD chart Source: TradingView.com

​EUR/GBP grinds higher

EUR/GBP is gradually advancing from last week's £0.8531 low and still targets the 200-day SMA at £0.8605.

​​A fall through the £0.8531 low would have bearish implications, though, and put the £0.8499 February low back on the cards.

EUR/GBP chart Source: TradingView.com
EUR/GBP chart Source: TradingView.com

​GBP/USD bounces off support

GBP/USD nears the 55-day SMA at $1.2671, having levelled out slightly above key support which lies between the December-to-February lows at $1.2519 to $1.25.

Above the 55-day SMA at $1.2671 sits the 22 February high at $1.271.

GBP/USD chart Source: TradingView.com
GBP/USD chart Source: TradingView.com

The information 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 Bank S.A. 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 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. See full non-independent research disclaimer.

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
  • Take your position
  • 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

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

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.