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 rebound, yet questions remain

EUR/USD, GBP/USD, and AUD/USD rebound, but major resistance means the threat of a bearish period is not over yet.

EUR/USD rallies towards trendline resistance

EUR/USD is on the rise this morning, with the price managing to break through the $1.1808 level to move towards trendline resistance. The consolidation seen over the course of the past three weeks remains in play as the pair trades around a long-term trendline resistance.

As such, we need to see a push through either $1.1916 or $1.1696 to signal a break from this consolidation pattern. Until then, this trendline provides us with a key area of resistance that could spark a short-term pullback within this consolidation zone.

GBP/USD rising from key support level

GBP/USD is on the rise, following a decline back into the $1.3009 support level. That looks to continue the consolidation phase that has been in play over the past fortnight.

A break through the likes of the $1.3186 area would signal a potential bullish continuation coming into play following a strong July. With a long-term descending trendline also coming into play at that top, we are at a crucial point for the pair, where the breakout from this consolidation will provide a significant clue of medium term direction.

AUD/USD rebound from trendline support

AUD/USD has managed to rebound from an inside trendline once again, with the pair rising back into the $0.7189 resistance level.

A rise through that level would provide greater confidence of a bullish continuation for the pair, with the potential for another short-term pullback in play here until that occurs.

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

liveprices.javascriptrequired

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.