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 and GBP/USD likely to gain ground on weakening dollar

EUR/USD and GBP/USD look likely to benefit further from dollar depreciation.

​EUR/USD pullback brings potential buying opportunity

EUR/USD has been weakening overnight, with the pair declining towards the 76.4% Fibonacci support level this morning.

The uptrend seen over the first two days of the week remains in play, with the ascending standard deviation channel highlighting that fact. As such, bullish positions are favored from here, with a decline below the $1.2236 level required to bring about a more bearish outlook.

GBP/USD on the rise, yet questions remain

GBP/USD has been gaining ground after a retracement into the 61.8% Fibonacci retracement level at $1.3425.

The uptrend seen since then has taken us into another Fibonacci resistance zone, with the current challenge of that $1.3547 to $1.3575 region key to determining where we go from here. With the intraday creation of higher lows in play, a break below the $1.3468 level would be needed to bring about a bearish outlook once again.

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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