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 edges back but GBP/USD and USD/JPY push higher

The euro has edged back against the dollar in early trading, while cable has shown no signs of slowing down despite the Bank of England's mixed outlook for the UK economy.

EUR/USD retreats from $1.19

EUR/USD is edging back from the $1.19 level for the second time in a week, although the general move higher and the ongoing sequence of higher lows both remain in place.

A higher low above $1.176 would likely be seen as a possible buying opportunity, while a rally through $1.19 clears the way to fresh upside.

GBP/USD rallies in wake of central bank outlook

While the Bank of England (BoE) was a touch more cautious on the post-virus recovery, GBP/USD has still been able to make more progress to the upside, moving back to last Friday’s high at $1.316.

Despite expectations to the contrary the trend remains up, and with such firm buying at $1.30 earlier in the week it looks like there is plenty of bullish momentum.

USD/JPY poised to break higher

A possible bullish wedge is in play for the USD/JPY pair, which has formed over the past few days.

A rally through ¥105.70 would mark a breakout to the upside, and signal a resumption of the move higher. The bullish view remains in place unless the price breaks below ¥105.00.

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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