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 looks to break higher, while GBP/USD rally continues and USD/JPY moves down once more

EUR/USD has finally started to clear resistance, while the multi-day bounce goes on in GBP/USD.

EUR/USD climbs through $1.19 again

We have finally seen a move through $1.19 for EUR/USD, which was needed to signal a breakout.

So long as the price holds above here the more bullish view will remain firmly in place, targeting the August peak at $1.2011. A more bearish view requires a reversal back below $1.18.

GBP/USD continues its winning streak

Five days of gains have carried the GBP/USD pair to its highest level since early September.

Crucially, the intraday lows have all been higher than the previous day over the past week, confirming the short-term uptrend. The next target is the August peak at $1.3472, with no sign so far that any reversal is on the way.

USD/JPY pushes lower once more

After the shock rebound on Monday, the downtrend for USD/JPY has steadily reasserted itself. After moving back below ¥104.50 the decline has begun anew, eroding some of Monday’s rally.

However, there will be some doubt about this move until it drops below ¥104.00, and then we have a clearer idea of the next move. Further declines head towards ¥103.00, while a more bullish view requires a rally above Tuesday’s high of ¥104.76.

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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