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 tiptoes higher but GBP/USD and USD/JPY fall again

The euro is rising from overnight lows, but both GBP/USD and USD/JPY are under pressure in trading this morning.

EUR/USD recovers for now

The EUR/USD pair has rebounded over the past 24 hours, but the near-term direction depends on what the European Central Bank (ECB) head Mario Draghi has to say.

The recovery above the 50-day simple moving average (SMA) of $1.122 is a positive sign, with further gains targeting $1.13 and then $1.135. If this rally from $1.12 is a higher low then a more bullish view begins to emerge. Failure to push above yesterday’s high at $1.125 would suggest a move back below $1.12 and back down to $1.112.

GBP/USD hits new low for the year

GBP/USD slumped through $1.26 yesterday, as markets continue to worry about the prospect of a Boris Johnson premiership.

The next area of support will be the lows of December around $1.246. Yesterday’s drop from $1.26 sends a signal that the bears are firmly in control, and a recovery above here is needed to suggest a tentative change towards a more bullish view.

USD/JPY bears take back control

It seems hopes of continued gains have been dashed it seems for USD/JPY, as the price slumps back towards ¥108.20, the lows of the past week.

With the price now heavily oversold intraday, a short-term rebound is possible, but it requires a move back above ¥108.70 to suggest that the buyers are still in charge. Below ¥107.80 the price heads towards ¥106.80 and the 3 January low.


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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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