CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

EUR/USD and GBP/USD mixed as USD/JPY moves into narrow range

Rallies in EUR/USD and GBP/USD have stalled for now, while USD/JPY has found itself stuck in a tight range as the buyers and sellers fight to establish the next direction.

EUR/USD steadies around $1.21

The EUR/USD price fell back from last week’s high, but only slightly, leaving the bullish move of the past few weeks firmly in place, but perhaps looking a touch overextended ahead of the European Central Bank (ECB) meeting this week.

Rising trendline support from the November low would come into play around $1.20, and then below this $1.1815 is also possible support.

GBP/USD rocked by Brexit news

Headlines regarding negotiations saw the GBP/USD pair move around quite a bit yesterday, with a dip towards $1.32 being met by buying.

While it finished well off the lows it has begun to seep lower in early trading, suggesting perhaps some more weakness in the short-term, possibly towards the rising 50-day simple moving average (SMA) at $1.3128. A recovery of $1.34 would begin to point to a new leg higher that could see the price challenge $1.35 again.

USD/JPY holds around ¥103.70

The downward move for USD/JPY has been stalled above ¥103.50 for two weeks now, with a range emerging between ¥103.70 and ¥104.50.

So far there is little sign of a new direction emerging, so we wait for a break below to re-establish the downtrend, or above to point towards a resumption of the bullish move seen earlier in November.

This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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.

Start trading forex today

Trade the largest and most volatile financial market in the world.

  • Spreads start at just 0.6 points on EUR/USD
  • Analyse market movements with our essential selection of charts
  • Speculate from a range of platforms, including on mobile

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

See more forex live prices


See more shares live prices


See more indices live prices

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.