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EUR/USD and GBP/USD head lower, while USD/CAD turns upwards

EUR/USD drifts lower, yet trendline could limit losses

EUR/USD has continued its declines over the course of the past week, with the pair heading back into a long term trendline support.

That trendline is likely to continue providing us with an area where the buyers might come in again. As such, further downside could play out over the short term, yet a rebound does look likely before long. A break through the $1.1188 level would bring a wider bullish picture.

GBP/USD tumbles through huge support zone

GBP/USD has slumped over the course of the past week, with the pair hitting the lowest level since early 2017.

That break over the course of the past week has provided us with a move into a zone of little support. As such, with no-deal prospects continuing to hold back the bulls, it looks likely we will see the pair slump heavily over the coming weeks. A break through $1.2522 would negate this bearish view.

USD/CAD uptrend remains intact

USD/CAD has been regaining ground over the past week, with the pair completing a bullish bottoming pattern.

The wider picture remains bearish, yet we are likely to see further gains play out for now. A break below $1.3115 would be required to negate this bullish 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.

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