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 under pressure as USD/JPY attempts to rally

EUR/USD and GBP/USD continue to fall, while the dollar has seen some strength against the yen.

EUR/USD fights to move higher

The EUR/USD losses stalled just below $1.12, and a move below this and through last Friday’s low at $1.117 would be a bearish development, reaffirming the current downtrend.

Alternatively, the price needs to rally through $1.126 and then challenge $1.135, where gains have stalled twice this month.

GBP/USD still under pressure

Not much sign of a bullish momentum appears for GBP/USD, as the price sticks close to $1.24.

A move through $1.245 might signal another attempt to break above $1.255, which would help to establish a higher high and provide a more bullish view. Alternatively, further declines below $1.24 open the way to $1.235 and then on to fresh lower lows.

USD/JPY returns to ¥107.50

USD/JPY has essentially gone nowhere since mid-June. However, if it can rediscover the upward momentum seen since Tuesday then a more bullish view might continue to develop.

Above ¥107.50, the price will reinforce the bullish view. Further declines from current levels bring ¥106.20 into 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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