GBP/USD and NZD/USD push higher, as EUR/USD lags behind

GBP/USD and NZD/USD continue their drive higher, while EUR/USD lags behind despite EU budget breakthrough.

Transcript

EUR/USD reverses lower from key resistance zone

EUR/USD has weakened off the back of rally into the $1.1917 resistance level, with the pair looking set to continue the consolidation that has dominated the past two months.

With the pair turning lower once again this morning, a break below the $1.178 support level would bring a fresh bearish signal. Ultimately, this current move lower looks to be another part of a wider range, with a break through either $1.1917 or $1.1612 required to spark calls for a potential breakout.

GBP/USD continues to push higher

GBP/USD is on the rise once again today, with the pair continuing the uptrend seen since September.

While another retracement is likely before long, the short-term nature of this trend remains bullish unless we see a break below the $1.3118 swing low. Such a move would signal the beginning of a wider retracement of the rally from $1.2854. Until then, further upside looks likely for continue as things stand.

NZD/USD rallies into fresh 19-month high

NZD/USD has surged into a fresh 19-month high after the latest Reserve Bank of New Zealand meeting overnight, with that move providing the latest leg in a long-standing uptrend.

That rally does raise the risk of a short-term pull back, yet unless we see a break below the $0.6803 support level it is likely we will soon move higher once again.

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