EUR/USD and GBP/USD decline as AUD/USD fights to hold its ground

The euro and sterling are weakening against the dollar, while the Aussie is refusing to head lower despite the recent lower high.

EUR/USD on the back foot

Yesterday’s EUR/USD reversal back below $1.22 does look to have given the sellers the upper hand, with further losses since then putting $1.21 back into view.

The lower high at $1.22 seems to confirm the bearish view, and will mean that buyers need to get the price back above this level to restore a bullish view.

GBP/USD heading to lower bound of trading range

GBP/USD having dropped back from $1.42 once again the price is now heading back to the $1.41 support zone.

This will need to break for a more bearish view to prevail; at present the rangebound trading of the past few sessions continues to prevail.

AUD/USD holds its ground

While the AUD/USD lower high of earlier in the week is still intact, there has not yet been much in the way of downside momentum.

Losses have been stemmed above $0.772, so a move below here would reinforce the bearish view and bring $0.77 and lower into view. Alternatively, buyers need to move the price back above $0.776 to break the sequence of lower highs and provide a more near-term bullish view.

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.