EUR/USD and AUD/USD head lower, with GBP/USD expected to rise

GBP/USD to outperform after recent slide while EUR/USD and AUD/USD decline.

EUR/USD declines continue after recent trend breakdown

EUR/USD has been continuing its decline in the wake of last week’s breakdown below $1.1066. That break negates the uptrend that has been building over recent months, bringing the wider long-term downtrend back into play.

While we are gaining some ground this morning, any upside is viewed as a short-term retracement and precursor to further decline unless we see the $1.1118 level broken.

GBP/USD looks prepped for another leg higher

GBP/USD has been on the slide since Friday’s peak, yet it is likely we will move higher once again from here.

The recent creation of higher highs and higher lows points towards this decline being a retracement of the rally from $1.2954. As such, it looks likely we will soon turn higher, with a bullish outlook in play unless we see $1.2954 broken.

AUD/USD breaks lower after head and shoulders completion

AUD/USD has gapped sharply lower this morning, with the pair building on the head and shoulders breakdown seen last week.

This provides us with reason to see further downside, with the pair likely to continue losing ground as long as the coronavirus continues to spread. Watch out for further downside, with a bearish outlook in play unless we see a break through $0.6879 resistance.

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

Please see important Research Disclaimer.

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

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


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

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices 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.