CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

Dollar declines continue to dominate for EUR/USD, GBP/USD and USD/JPY

EUR/USD, GBP/USD, and USD/JPY see further dollar declines, but will we see a fightback after such sharp losses?

EUR/USD continues its push higher after latest breakout

EUR/USD looks set to continue its bullish trend following the breakout through $1.1832 resistance. That seemingly paves the way for another period of upside, with a rise through $1.188 providing a fresh bullish signal.

As such, further gains look likely from here as we seek to build on the recent bullish break.

GBP/USD breaks higher after recent consolidation

GBP/USD has see a sharp move higher, with the recent rise through $1.3024 initially providing us with a good clue that such a bullish breakout could be on its way.

With Brexit talks back underway today, further volatility should be expected. While we have seen a minimal retracement overnight, watch for a fresh rise through $1.3177 for a new bullish signal.

USD/JPY head and shoulders likely to bring further downside

USD/JPY managed to break below the ¥104.94-¥105.03 support level yesterday, bringing about a fresh bearish signal by completing a head and shoulders formation. With a bearish trend throughout much of 2020, this breakdown does simply provide the latest move in a long-standing bearish primary trend.

As such, further downside looks likely before long. Whether we see a short-term rebound or not remains to be seen. As such, a break below ¥104.34 would signal a swift continuation of that bearish short-term trajectory. Ultimately, we would need to see ¥105.75 broken to negate this bearish outlook.

This information has been prepared by IG, a trading name of IG 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.
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.

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