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EUR/USD and AUD/USD rally but GBP/USD lags

A weaker US dollar continues to give space for the euro and the Aussie to rally, although caution is being seen in sterling crosses.

EUR/USD remains above 200-day SMA

The EUR/USD pair continues to hold on to the highs seen yesterday, as it pushes on above the 200-day simple moving average (SMA) at $1.1353.

Having moved strongly higher over the past week, some consolidation seems likely, but the next move is to $1.145 and then $1.152. A bearish view requires a move back below $1.13.

GBP/USD wavers at recent highs

There has been some notable volatility here for GBP/USD so far this morning, with an attempted push above $1.276 being defeated for the time being.

Near-term areas of possible support are $1.271 and $1.266, but the bearish view would require a move back below $1.264.

AUD/USD continues to climb

This AUD/USD pair has seen a steady rally over the past few days.

Further gains above $0.697 will target $0.702. A deeper pullback heads towards $0.69, where the price bounced on June 21. A failure to hold this level would bolster the bearish view. Some resistance may be encountered at the 50-day SMA ($0.697).

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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