Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

EUR/USD, GBP/USD and NZD/USD decline towards key support

EUR/USD, GBP/USD and NZD/USD pull back after recent ascent, with key support coming into play.

​EUR/USD pulls back from key resistance

EUR/USD saw sharp downside on Friday, following on from the rally into the $1.1179 resistance level.

The subsequent sell-off managed to maintain the trend of higher lows, yet the rally seen yesterday does raise questions given the inability to break through Friday’s high of $1.12. As such, a break below $1.1112 would bring about a more bearish picture for the coming days. Therefore, it makes sense to await a break below $1.1112, or above $1.12 to signal where we go from here.

GBP/USD slumps after Boris deadline hits confidence

GBP/USD upside has been limited by UK Prime Minister Boris Johnson's decision to impose a limit on the time allowed for UK-EU trade talks. We have seen the pound on the slide as a result, with GBP/USD returning towards the pre-election low of $1.305.

With the price starting to turn higher there is a strong chance we will see the pair start to reverse upward from here. As such, watch for a potential rebound over the short term, with a break below $1.305 required to bring about a bearish continuation signal.

NZD/USD heading lower after GDT decline

NZD/USD has been on the slide after a disappointing global dairy trade (GDT) figure yesterday, with the pair heading into the 76.4% retracement level this morning.

The rally seen over the past month does remain intact, where we would need to see a break below $0.6522 to negate that trend. With that in mind, watch for how we respond to this Fibonacci support at $0.6549, with a break below $0.6522 needed to bring a bearish outlook.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material 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 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. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research 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 and quarterly summary.

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.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets 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 spread betting and CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.