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 push up as risk appetite revives

Improving PMIs have bolstered EUR/USD, while the pound has returned to $1.25 after yesterday’s gains.

EUR/USD turns higher after weakness

EUR/USD has seen some notable strength over the past 24 hours, rallying from the low around $1.117 to push to its highest level in a week.

If this signals that the pullback from the June peak has run its course, then we look for a push towards $1.135 and $1.14. A higher low above $1.12 would provide another potential entry point for longs, while a more bearish view requires the price to move below $1.12.

GBP/USD rallies to $1.25

We have seen some strength in the GBP/USD pair as the price was able to recover from $1.235.

However, it needs to push on through $1.26 to avoid creating a lower high, and a reversal below $1.245 would signal that the downward move has resumed. Above $1.26 the price pushes on to $1.27 and then targets the early-June highs above $1.281.

USD/JPY fails to stage a rebound

Rallies for the USD/JPY pair have been fleeting over the past week, and the current bounce above ¥107.00 appears to be running out of steam as well.

The rally last week did not last long, however, as support around ¥106.70 firmly held last week. We wait for a move above ¥107.60 to confirm a more bullish view, while a drop below ¥106.60 revives the bearish 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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