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 rally

EUR/USD remains stuck in a range, but GBP/USD and USD/JPY have moved higher and look poised for more gains.

EUR/USD bounces between support and resistance

While the EUR/USD price rallied yesterday, it was not able to hold gains, and dropped back from $1.094.

Overnight losses have stalled at $1.086 however, so a more bullish view may emerge if the price can continue to hold this and then push above $1.094. A drop below $1.086 will revive the bearish view and bring $1.0775 into play.

GBP/USD continues to move higher

GBP/USD has weathered the losses of the past 24 hours, with dips towards $1.243 finding support.

In the very short term, we look for a move through $1.253, which will break trendline resistance from Tuesday's highs. This might then clear the way for a push back towards $1.265. A more bearish view requires a drop through $1.245, with further lower highs reinforcing the expectation of more declines.

USD/JPY rallies off key support

USD/JPY has recovered from its steep drop in the early part of yesterday’s session, and indeed has managed to keep moving higher, reclaiming (if briefly) the ¥108.00 level.

If the price can hold above ¥107.30 then the outlook remains more bullish in the near term, and a move above ¥108.00 would provide further expectation of more gains. Having seen the pair hold ¥107.00 at the end of March and now this week, a more bearish view over the next few weeks requires a firm move below this level.


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