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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

EUR/USD steady ahead of ECB, while GBP/USD holds up well and USD/JPY stabilises

After the Fed decision last night we have seen the dollar weaken, but all eyes are now on the ECB meeting.

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​​​EUR/USD above $1.10 ahead of ECB meeting

​The pair EUR/USD surged to a one-week high last night, but pre-ECB nerves have held back further progress.

However the overall uptrend remains intact, and recent price action has supported the bullish view, with dips still being bought, even as momentum has slowed.

​With the price remaining above the 50-day simple moving average (SMA) and the 100-day SMA the near-term bullish view prevails. Some volatility is to be expected around the European Central Bank (ECB) meeting today, but it would need a move below $1.09 to suggest that a reversal is at play.

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

​GBP/USD back at 2023 highs

Dollar weakness has driven fresh gains in the pair GBP/USD, reviving the uptrend.

​As with EUR/USD, there has been only short-term weakness in recent weeks, with dips being met with buying pressure and supporting near-term upside.

​A more bearish view would require a break of these intraday higher lows seen since mid-March, and a move back below $1.23.

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

​USD/JPY edges up after sharp losses

​After two days of losses in the pair USD/JPY the price has stabilised, with the recent run of higher lows still in place.

​A move below ¥133.00 would put a dent in this view and flag a possible move back towards ¥130.00 or lower.

A revival back above ¥135.00 would support the bullish view and indicate a potential move back to the 200-day SMA and even higher over time.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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