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. 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.

EUR/USD, GBP/USD and AUD/USD on the back foot once again

EUR/USD, GBP/USD and AUD/USD on the slide, with further short-term downside looking likely.

​EUR/USD turning lower once again

EUR/USD has started to fade this morning, following a strong end to the week. The recent retracement phase appears to be over, with the price creating lower highs over the course of the past fortnight.

That points towards this latest rise being a likely short-term rise before the bears come back into play. With that in mind, another bearish phase looks likely from here, with a rise through $1.1616 required to bring about a more bullish view. To the downside, a break through $1.1514 is key in exiting this month-long period of consolidation.

GBP/USD turning lower once again, following BoE selloff

GBP/USD has been hit hard since last week’s Bank of England (BoE) meeting, with the price reversing all the gains seen throughout October. The pair is heading lower once again this morning, with the key $1.3412 support level providing a notable hurdle for the bears.

The wider downtrend seen over recent months does point towards a potential decline through that support level. While there will be limits to this decline, we are yet to see a signal that the bulls are coming back into play. As such, a break through $1.3516 would be required to bring about a more positive outlook.

AUD/USD weakness looks like retracement phase

AUD/USD has been losing ground over the course of November thus far, with the pair looking to be within another retracement phase given the bullish pattern seen since the August low.

Thus far we have moved back into the 50% retracement, signalling the potential for another bout of downside. However, whether it takes place here or at a lower Fibonacci support level, there is a good chance we soon see the bulls come back into play for this pair. A rise up through the prior swing high (currently $0.747) would bring a bullish reversal signal.

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.

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