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 falter while USD/JPY rallies

Some of the dollar’s recent weakness has been reversed, as markets trim rate cut expectations, with the result that EUR/USD and GBP/USD have dropped while USD/JPY has rallied.

EUR/USD edges down after recent gains

The price of EUR/USD has dropped back to the 200-day simple moving average (SMA) and has also remained above the $1.1345 peak from early June.

Further declines would target $1.13. If the price can hold $1.134 then a rebound may develop, heading above $1.142 to create a new higher high.

GBP/USD falters at key resistance

The daily chart would suggest that a bearish picture is developing for GBP/USD, as the price fails to move above $1.277.

Further declines head towards $1.259 and $1.25. The price dropped to $1.265 on 21 June before rebounding, so some buying pressure may be seen around this level. If this holds, a move back to $1.277 may develop, but a daily close above this level is needed to suggest that a breakout is in play.

USD/JPY rallies from recent lows

Having rebounded from the low below ¥107.00 yesterday, USD/JPY may be about to stage a short-term rebound that heads towards ¥108.00 and post-April trendline resistance.

The bearish view on the daily chart remains unless the price breaks above ¥108.50, the mid-June high.

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.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Friday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.