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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% 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. 71% 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.

FX levels to watch – EUR/USD, GBP/USD, AUD/USD

All eyes are on the BoE as it announces its latest decision, with a rate hike a very high probability.

GBP/USD
Source: Bloomberg

EUR/USD turns lower once more

Having spent the past few days trying to break back above $1.1662, and failing, EUR/USD is now turning lower once again.

Last Friday’s low of $1.1574 will come into play if we see additional losses, with the $1.1489 area the next zone to watch. A close above $1.1662 is needed to reverse the bearish outlook.

GBP/USD waits with bated breath

The Bank of England (BoE) decision is likely to result in a volatile day for GBP/USD, so traders will have to move carefully.

The run up in recent days from below $1.31 has stalled at $1.33, so a close above $1.3341 is needed to confirm bullish momentum, bringing the $1.3427 area into play as a result. It will be difficult to determine a direction for the pair until the dust settles from the BoE meeting.

AUD/USD runs into resistance

A steep rally for AUD/USD over the past day could provide a selling opportunity on the four-hour chart, as the price falters around $0.77, as it did in late October.

If the price turns lower, $0.7650 and $0.7623 become the levels to watch. A move above $0.7750 is needed to indicate that buyers may be regaining control.

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