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FX levels to watch – GBP/USD, EUR/USD, USD/JPY

Dollar strength dominates in cable, but both the euro and the yen appear to be gaining ground versus the greenback. 

CFDs are a leveraged product and can result in losses that exceed deposits. Trading CFDs may not be suitable for everyone, so please ensure you fully understand the risks and take care to manage your exposure.
Euro
Source: Bloomberg

GBP/USD eyes $1.2350

The price moved below $1.23 and has created fresh lows, so it looks like the downtrend goes on here.

There is possible support around $1.2211 and then $1.2146 in the near-term, with a rally needing to clear $1.2350 for GBP/USD.

EUR/USD could see support at $1.0380

A steady recovery goes on here, although a spike back to $1.05 yesterday was hit by selling. For the moment, it looks like the buyers are in control but they will need to move through $1.05 to confirm that this bounce has legs.

Otherwise, we look to $1.0409 and then $1.0380 as potential support for the pair.

USD/JPY could see ¥116.95

Despite the occasional spike the sellers are still in charge here. We would need to see a move back above ¥118.20 to reverse the generally negative short-term view.

The next support is around ¥116.95 and then ¥116.63, with a bigger move risking a drop to ¥115.58 and perhaps even as far as ¥113.19. 

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CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.