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CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

​​FX markets quiet ahead of US inflation figures​

Today’s US CPI figures have kept activity in check across FX markets, especially with a Fed decision following close behind tomorrow.

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EUR/USD close to recent highs

​Gains have stalled around $1.05 in EUR/USD, but the bounce is still intact, with a potential trend change still in the offing.

​While gains have slowed in recent days, we have not yet seen a turn lower that might suggest a resumption of the downtrend. Instead, this consolidation may well lead to further upside, with this view remaining in place unless we see a drop back below $1.03.

​Additional gains bring the late May/early June highs below $1.08 into view.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD pushes back towards $1.23

GBP/USD remains solidly above rising trendline support from the October low, and has yet to show any sign of a reversal.

​The pair has run into resistance just below $1.23, but above this the May/June highs around $1.26 come into view.

For the moment the pair has pulled away from trendline support from the October lows, and a dip even as far as $1.17 would still leave the trendline intact.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

USD/JPY edges higher once again

USD/JPY has continued to stabilise after its bounce off the 200-day simple moving average (SMA), but a firmer move below the 200-day SMA would revive and strengthen the bearish outlook.

​The pair now waits to see if the Federal Reserve (Fed) and US consumer price index (CPI) can deliver a reason to continue to back the bounce from the 200-day SMA, and which might see the pair push on above ¥140.00.

​Should the pair fail to move on above ¥140.00 a lower high could be established, one that would suggest a fresh decline towards ¥136.00 and lower.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

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