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 move higher but USD/JPY comes under pressure

FX markets have been calm in early trading, but sterling has managed to make a small dent in recent losses against the dollar.

EUR/USD edges towards $1.19

The steady recovery from the lows of last week continues for EUR/USD, but it is beginning to show signs of slowing down.

Short-term weakness may encounter support around $1.17, but unless this level is broken any bigger drawdown is unlikely. Meanwhile, further gains continue to target $1.20.

GBP/USD rises off support

The precipitate downward move appears to have halted for now for GBP/USD. A bounce from $1.277 does not yet change the overall negative view; this would require a move above $1.29, breaking trendline resistance from the September peak.

This would then bring $1.303 and $1.32 into view. A drop below $1.277 signals a resumption of the downward move.

USD/JPY steady after decline

A drop early on in Tuesday’s session saw the USD/JPY pair take out last week’s low, but for now it has found support at ¥105.50.

Below this ¥105.24 and then ¥104.80 come into view. The broader downward move is still in place, with a rally above ¥106.50 needed to provide evidence of any upward momentum.

This information has been prepared by IG, a trading name of IG Markets 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.

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

Prices above are subject to our website terms and agreements. All share prices are delayed by at least 20 minutes. Prices are indicative only.

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.