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GBP/USD and NZD/USD push higher, as EUR/USD lags behind

GBP/USD and NZD/USD continue their drive higher, while EUR/USD lags behind despite EU budget breakthrough.

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Forex United States dollar Euro NZD/USD EUR/USD GBP/USD
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EUR/USD reverses lower from key resistance zone

EUR/USD has weakened off the back of rally into the $1.1917 resistance level, with the pair looking set to continue the consolidation that has dominated the past two months.

With the pair turning lower once again this morning, a break below the $1.178 support level would bring a fresh bearish signal. Ultimately, this current move lower looks to be another part of a wider range, with a break through either $1.1917 or $1.1612 required to spark calls for a potential breakout.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD continues to push higher

GBP/USD is on the rise once again today, with the pair continuing the uptrend seen since September.

While another retracement is likely before long, the short-term nature of this trend remains bullish unless we see a break below the $1.3118 swing low. Such a move would signal the beginning of a wider retracement of the rally from $1.2854. Until then, further upside looks likely for continue as things stand.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

NZD/USD rallies into fresh 19-month high

NZD/USD has surged into a fresh 19-month high after the latest Reserve Bank of New Zealand meeting overnight, with that move providing the latest leg in a long-standing uptrend.

That rally does raise the risk of a short-term pull back, yet unless we see a break below the $0.6803 support level it is likely we will soon move higher once again.

NZD/USD chart Source: ProRealTime
NZD/USD chart Source: ProRealTime

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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