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.

EUR/USD, GBP/USD, and USD/JPY at risk despite current rise

EUR/USD, GBP/USD, and USD/JPY on the rise, yet questions remain over the potential for a subsequent pullback.

EUR/USD starts to stabilise after latest decline

EUR/USD fell back into a fresh a three-month low yesterday, but has been stabilising in the hours since.

With a clear downtrend in play from an intraday perspective, we are expecting further weakness, if we do not break through the $1.1881 swing high. Despite that, we could see a short-term rebound to provide another retracement phase.

GBP/USD finding support on Fibonacci support

GBP/USD has started to take a more bullish shape after a period of declines yesterday, with the pair gaining traction at the 61.8% Fibonacci support level.

The rise through $1.3898 highlights the potential for a more bullish phase coming into play here. With that in mind, a positive outlook is in play here, where a break below $1.3742 would be required to bring a bearish continuation pattern.

USD/JPY rises back into trend line resistance

USD/JPY has been on the rise since Thursday’s low, with the pair rising back towards trend line resistance. That trend line breakdown highlights the potential for this latest rise to be a short-term retracement before we head lower once again.

With that in mind, there is a good chance we could see the bears come back into play around these levels. A breakup through the ¥111.65 level would be required to negate that bearish potential.

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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