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 holds firm

After some weakness yesterday EUR/USD and GBP/USD are on the up, as USD/JPY continues to consolidate after recent volatility.

EUR/USD shrugs off recent bearishness

EUR/USD recovered from what seemed like a possible turn lower yesterday, clinging on around $1.217.

It has now begun to push back towards $1.22, recovering from its latest dip. A close above $1.22 and a move towards $1.225 puts the buyers firmly back in charge. Sellers will want to see a reversal below $1.216 that then moves on below $1.21.

GBP/USD edging higher again

With GBP/USD the recent weakness appears to be resolving into a move higher, as the pair heads back to $1.22.

This cancels out any bearish view for the time being and points towards a renewed move to $1.424, assuming the price can clear the area just below $1.42 that has marked the limit of gains so far this month.

USD/JPY holds its ground for now

While the USD/JPY price bounced from the lows of Monday, it has struggled around ¥109.50.

However, given that the sell-off from last week’s highs has been stemmed for now, then there may yet be enough bullish momentum to push the price back above ¥109.60 and onwards towards ¥110.00 A drop below ¥109.20 negates this view.

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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