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 on the rise as USD/JPY eases back

EUR/USD and GBP/USD continue their grind higher, while USD/JPY starts to ease back from a key historical resistance level.

EUR/USD continues to consolidate within recent recovery

EUR/USD has been on the rise of late, with the pair regaining lost ground in the wake of four-months’ worth of declines. This tallies up with the shift into risk assets of late, denting demand for the dollar. Nonetheless, there is a strong chance we see the bears come back into play before long, with the recent 61.8% Fibonacci level providing the near-term resistance at $1.1667.

That tallies up with the late-August low of $1.1663. As such, the current period of upside does look at risk given the wider downtrend. However, it may make sense to await a breakdown through trendline and swing low support to bring that bearish picture into play once again. Until then, this short-term uptrend does still remain intact.

GBP/USD pushing higher as we head towards resistance

GBP/USD has been on the rise over the course of October, with the price continuing to push back towards the key $1.3913 swing high. A break up through that level would bring an end to the wider downtrend in play.

With that in mind, the recent push up towards that level is important for its wider context. For now we have a clear intraday trend of higher highs and lows. A break below the $1.3742 swing low would bring about a fresh bearish outlook. Until then, further upside looks likely to continue as we push towards resistance.

USD/JPY easing back from long-term resistance

USD/JPY has struggled to maintain its upward trajectory after rallying into the 2017 high of ¥114.73.

The break below ¥113.87 support highlights the potential for a period of downside from here. From a wider context, further upside does look likely before long. However, there is a chance of short-term downside until ¥114.73 is broken.


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.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Friday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.