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 retreat as USD/JPY bounces

The euro and the pound are falling against the dollar, but the greenback is on the up against the yen.

EUR/USD heads back to July low

EUR/USD continues to decline, unable to rally over the past four sessions.

However, a drop below $1.177, the low from last week, and also yesterday’s low, still eludes the sellers. This would point towards a more bearish view, while a bounce above $1.18 would help to revive a short-term bullish view. Longer term, a rally above $1.187, would be needed to establish an expectation of higher prices.

GBP/USD in retreat

Hopes of a bounce fizzled out last week with GBP/USD, and with the steep drop on Monday, the sellers are firmly in control.

Already, today the price is heading below the $1.366 level, that marked the low in March and April, and this would then bring $1.3515 into view. A bounce above $1.37 and the 200-day simple moving average (SMA) would start to bolster a bullish view, but trendline resistance from the May peak comes into play near $1.38.

USD/JPY stabilises at 100-day moving average

After dipping to ¥109.00 the price of USD/JPY recovered yesterday, but the short-term pullback has yet to come to a conclusive end.

However, dip buyers will be hoping that the price can bounce from the 100-day SMA (¥109.47) and then push on towards ¥110.00, coupled with turns higher for stochastic and MACD that would signal a revival of the uptrend.

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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