CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

EUR/USD, GBP/USD and USD/JPY under early pressure

The euro is faltering against the dollar, but against the yen the greenback is still in an uptrend.

EUR/USD weakens below resistance

Pre-European Central Bank (ECB) nerves are threatening to undermine the euro’s climb from last week’s lows. Gains stalled below $1.106 yesterday for EUR/USD, mirroring the price action from last Thursday.

A push below $1.101 would be a bearish signal and suggest a resumption of the ongoing downtrend. Further gains in this counter-trend move require a close above $1.108, indicating that the price has breached resistance and is poised to challenge $1.15 and then $1.125.

GBP/USD see-saws on Parliament news

Volatility reigns supreme in GBP/USD at present, but so far gains above $1.235 have proven impossible to sustain.

Yesterday’s dip below $1.225 found buyers, so a drop back below here is needed to provide a more bearish assessment, that might potentially result in a move back to $1.2. Above $1.238 the price will look to consolidate its newly-created higher high (relative to the late-August peak), and head towards the 100-day simple moving average (SMA) at $1.2533.

USD/JPY still in firm uptrend

The rally continues here, the USD/JPY pair having carved out a higher high yesterday.

The price is now above the 50-day SMA for the first time since the end of August. Continued gains target ¥109.00, but a pullback towards ¥106.50 would still see the pair hold rising trendline support from the 26 August low.


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