Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose. CFDs are complex instruments. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

​EUR/USD, GBP/USD and AUD/USD trading around critical support

EUR/USD and AUD/USD continue their decline, with GBP/USD attempting to hold up around key support.

​EUR/USD heads towards critical $1.1066 support level

EUR/USD managed to break the $1.1097 support level on Monday, ramping up expectations of a wider bearish picture coming back into play.

However, we have been waiting for a break below the $1.1066 level to bring confirmation of that bearish view. With the price heading into that level, watch for whether we can break it to gauge sentiment going forward.

GBP/USD manages to keep its head above water

GBP/USD just about managed to remain above the $1.2954 support level this week, maintaining a potential bullish resurgence story. Given the recent rise in rate-cut expectations, this weakness may not be over yet.

However, with the price having broken through the $1.3097 level on Friday, there is a potential for the pair to rebound once again and start building a base. A decline below $1.2954 would negate that and provide a continuation signal in this recent sell-off.

AUD/USD breaks critical $0.6838 support level

AUD/USD has followed up the $0.6849 break with a decline below the critical $0.6838 low from mid-December.

That breakdown provides us with a more confident bearish outlook, which signals a likely extension of the downtrend that has been in play for almost two years. As such, further downside looks likely, with any rebound likely to be a short-term retracement of the decline from $0.6934.

This information has been prepared by IG, a trading name of IG US LLC. This material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. You should not treat any opinion expressed in this material as a specific inducement to make any investment or follow any strategy, but only as an expression of opinion. This material does not consider your investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. No representation or warranty is given as to the accuracy or completeness of the above information. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. Any research provided should be considered as promotional and was prepared in accordance with CFTC 1.71 and designed to promote the independence of investment research. See our Summary Conflicts Policy, available on our website.

Start trading forex today

Trade the largest and most volatile financial market in the world.

  • Spreads start at just 0.8 pips on EUR/USD
  • Analyze market movements with our essential selection of charts
  • Speculate from a range of platforms, including on mobile

Live prices on the most popular forex markets


Prices above are subject to our website terms and agreements. Prices are indicative only

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 forex provider.

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