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 and GBP/USD move up as USD/JPY drifts sideways

EUR/USD and GBP/USD are still aiming for further gains, while USD/JPY has continued its sideways movement.

EUR/USD still in upward move

EUR/USD continues to climb as it has done over the past week, with no reversal yet in sight.

As a result, we look for further gains in the direction of the 50-day simple moving average (SMA) at $1.1711, and then on to the late September high at $1.1756.

GBP/USD returns to September peak

Crunch time is rapidly approaching for the GBP/USD bulls, after a huge rally off the September low. Gains in September stalled at $1.39, with the price now targeting this zone, as well as the 200-day simple moving average (SMA) at $1.385.

There have only been small intraday pullbacks, but as with EUR/USD, an actual reversal has yet to develop. Notably the price has continued to post higher daily lows over the past week and more.

USD/JPY drifts sideways

USD/JPY's bounce has weakened but not gone into a complete reversal. Sellers have been unable to push the price below ¥113.85, Tuesday’s low.

Until this happens more short-term consolidation looks likely, as a prelude to another push above ¥114.50.

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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