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 stalls as GBP/USD pushes higher and USD/JPY enjoys a rebound

While EUR/USD remains unable to break out of its current range, GBP/USD continues to climb. Meanwhile, USD/JPY has paused after Monday’s rebound.

EUR/USD still stuck below $1.19

EUR/USD has spent more than a week hovering below $1.19, but with little evidence that it has the strength to break above this level.

A move back below $1.18 revives the ongoing range trade that has prevailed since the beginning of September, bringing $1.16 into view once more. Alternatively, a break through $1.19 would mark a bullish development, targeting $1.20.

GBP/USD rally continues apace

Seems like there is no slowing GBP/USD, which has continued to climb in the past two weeks, almost touching $1.34 yesterday, a level it has not seen since the end of August.

The rally has taken on a new lease of life, with even the smallest dips being furiously bought. Sellers might hope for a more bearish view if the price can move back below $1.32, but overall there is little sign at present that the buyers are prepared to relinquish control, as they take advantage of continued intraday higher lows and higher highs.

USD/JPY steady after rebound

USD/JPY’s ongoing downtrend has suffered a check, as the price rallies from ¥103.70 to recover ¥104.00.

However, we will need to see a further push back above ¥105.50 to suggest the creation of a new higher high. A resumption of the downward move below ¥103.70 would reinforce the current downtrend.

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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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