EUR/USD and GBP/USD head lower, while USD/CAD turns upwards
EUR/USD drifts lower, yet trendline could limit losses
EUR/USD has continued its declines over the course of the past week, with the pair heading back into a long term trendline support.
That trendline is likely to continue providing us with an area where the buyers might come in again. As such, further downside could play out over the short term, yet a rebound does look likely before long. A break through the $1.1188 level would bring a wider bullish picture.
GBP/USD tumbles through huge support zone
GBP/USD has slumped over the course of the past week, with the pair hitting the lowest level since early 2017.
That break over the course of the past week has provided us with a move into a zone of little support. As such, with no-deal prospects continuing to hold back the bulls, it looks likely we will see the pair slump heavily over the coming weeks. A break through $1.2522 would negate this bearish view.
USD/CAD uptrend remains intact
USD/CAD has been regaining ground over the past week, with the pair completing a bullish bottoming pattern.
The wider picture remains bearish, yet we are likely to see further gains play out for now. A break below $1.3115 would be required to negate this bullish outlook.
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.
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. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
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