EUR/USD and GBP/USD likely to gain ground on weakening dollar
EUR/USD and GBP/USD look likely to benefit further from dollar depreciation.
EUR/USD pullback brings potential buying opportunity
EUR/USD has been weakening overnight, with the pair declining towards the 76.4% Fibonacci support level this morning.
The uptrend seen over the first two days of the week remains in play, with the ascending standard deviation channel highlighting that fact. As such, bullish positions are favoured from here, with a decline below the $1.2236 level required to bring about a more bearish outlook.
GBP/USD on the rise, yet questions remain
GBP/USD has been gaining ground after a retracement into the 61.8% Fibonacci retracement level at $1.3425.
The uptrend seen since then has taken us into another Fibonacci resistance zone, with the current challenge of that $1.3547 to $1.3575 region key to determining where we go from here. With the intraday creation of higher lows in play, a break below the $1.3468 level would be needed to bring about a bearish outlook once again.
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
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
