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 NZD/USD decline towards key support

EUR/USD, GBP/USD and NZD/USD pull back after recent ascent, with key support coming into play.

​EUR/USD pulls back from key resistance

EUR/USD saw sharp downside on Friday, following on from the rally into the $1.1179 resistance level.

The subsequent sell-off managed to maintain the trend of higher lows, yet the rally seen yesterday does raise questions given the inability to break through Friday’s high of $1.12. As such, a break below $1.1112 would bring about a more bearish picture for the coming days. Therefore, it makes sense to await a break below $1.1112, or above $1.12 to signal where we go from here.

GBP/USD slumps after Boris deadline hits confidence

GBP/USD upside has been limited by UK Prime Minister Boris Johnson's decision to impose a limit on the time allowed for UK-EU trade talks. We have seen the pound on the slide as a result, with GBP/USD returning towards the pre-election low of $1.305.

With the price starting to turn higher there is a strong chance we will see the pair start to reverse upward from here. As such, watch for a potential rebound over the short term, with a break below $1.305 required to bring about a bearish continuation signal.

NZD/USD heading lower after GDT decline

NZD/USD has been on the slide after a disappointing global dairy trade (GDT) figure yesterday, with the pair heading into the 76.4% retracement level this morning.

The rally seen over the past month does remain intact, where we would need to see a break below $0.6522 to negate that trend. With that in mind, watch for how we respond to this Fibonacci support at $0.6549, with a break below $0.6522 needed to bring a bearish outlook.

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.