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 moves sideways as GBP/USD and USD/JPY drops

Further losses have been seen for GBP/USD and USD/JPY, while EUR/USD drifts sideways.

EUR/USD stuck in range

The EUR/USD pair continues to drift sideways as it is stuck bouncing between $1.078 and $1.09.

The current drop into the lower bound of the trading range sets up a possible rally towards $1.09. A breakout of this range is needed to provide longer-term direction.

GBP/USD continues to fall

A clearer downtrend is in progress for GBP/USD, with lower highs and lower lows forming over the past two weeks.

A rally yesterday hit trendline resistance from the 8 May high, while rebounds towards $1.23 may provide further selling opportunities. Alternatively, a breakout above $1.232 would suggest a new trend higher is underway.

USD/JPY continues sharp retracement

For USD/JPY, the losses of the past three sessions have reversed much of the gains made since 6 May, but arguably this retracement leaves the bullish view intact.

A rally above ¥107.00 would signal that the buyers are back in control, while further losses towards ¥106.60 continues to adhere to the descending channel, in place since 11 May.


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