CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit.
The value of shares, ETFs and ETCs bought through a share dealing account, a stocks and shares ISA or a SIPP can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

EUR/USD, GBP/USD, and USD/JPY see brief dollar rebound

EUR/USD, GBP/USD, and USD/JPY show a brief fightback for the dollar, but recent trends do highlight the potential for further greenback weakness.

EUR/USD pauses at key resistance

EUR/USD has managed to regain ground to bring price back into the crucial $1.199 resistance level yesterday, with the pair pausing below that threshold. The ability or inability to break through this level will be key in determining where we go from here.

To the downside, the intraday uptrend means support comes in the form of $1.1922 and $1.1906, where a break below $1.1878 would be required to negate the recent bullish trajectory.

GBP/USD falls back into Fibonacci support

GBP/USD has been attempting to regain ground following a decline into the $1.367 support level a week ago. The respect of that level provided us with a week of gains, yet much of that rebound has been wiped out overnight.

Crucially, we have seen this pull back respect the 76.4% Fibonacci support level at $1.3694 this morning, with price starting to turn higher. As such, there is a good chance we see a continuation of this recent rebound, with a break back below $1.3694 required to signal a likely extension of the wider bearish trend from here.

USD/JPY wedges towards key support

USD/JPY has been on the back foot over the course of April thus far, with the pair moving towards the key ¥108.34 support level. A break below that point would see a wider bearish signal coming into play for the pair.

However, until we see that level breaks, the falling wedge pattern currently in play does highlight the possibility of a bullish reversal before long. We would need to see a break-up through the ¥109.75 to bring about greater confidence of that bullish breakout. As such, sentiment will be dictated by whether we break through ¥108.34 or ¥109.75 from here.


The information 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 Bank S.A. 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 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. See full non-independent research disclaimer.

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
  • Take your position
  • 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
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

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

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.