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.

Quiet day sees EUR/USD, GBP/USD and USD/JPY looking for direction

EUR/USD has dropped back from its weekly high, while GBP/USD is still in rally mode and USD/JPY is holding Thursday’s lows.

EUR/USD drops back from $1.13

Gains have proven impossible to sustain for EUR/USD, with the price twice knocked back from $1.13.

If it manages to hold $1.126, then another push higher may result, but a daily close above $1.13 is still needed to revive the bullish view. On the other hand, bears will need to see the price below $1.119 and the lows of the past two weeks to believe that a bigger move lower is underway.

GBP/USD renews its move higher

For the GBP/USD, an uptrend looks more solid, with the price having climbed steadily in recent sessions.

However, it has yet to breach $1.255, although that seems likely not that the pullback from the early-Thursday peak appears to have run its course. A reversal below $1.235 would negate this more bullish view.

USD/JPY hovers above support

For the USD/JPY, the uptrend from the 23 June low is intact, with the price continuing to hold above ¥107.30.

Further gains target ¥108.10 and the high from earlier in the week, while a more bearish view requires the price to move below ¥107.00 and then push on to target ¥106.20.

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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