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 rise, as USD/JPY attempts to recover

EUR/USD and GBP/USD are looking to build on recent gains but USD/JPY is still struggling to move higher.

EUR/USD targets $1.14

EUR/USD continues to recover, maintaining its uptrend from the lows of mid-June.

Further gains still target the $1.14 level, and a bullish crossover in the daily moving average convergence/divergence (MACD) would add to the bullish view provided by the rising stochastic reading. It would take a move back below $1.12 to negate this outlook.

GBP/USD rally enters a new week

It has been a relentless move higher for GBP/USD since the latter part of June but it shows no sign of stopping yet, as the pair heads towards the 200-day simple moving average (SMA) at $1.2694.

Above this, the $1.28 peak from early June comes into play. A reversal below $1.25 would certainly suggest that the bounce has run its course but there is as yet no sign of any lower highs or lower lows on the intraday chart.

USD/JPY still under pressure

USD/JPY has shown little sign of turning higher, as the retreat from ¥108.00 goes on. Losses in June were stymied around ¥106.50, so a more bearish view requires a solid break below this level.

Alternatively, a more bullish view would require the price to break trendline resistance from the June peak, which would suggest that a rally through ¥107.40 is needed.

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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