FX levels to watch: EUR/USD, GBP/USD and USD/JPY
The losses seen earlier in the week have been shrugged off, as risk appetite continues to recover.
EUR/USD steady ahead of ECB
The price of EUR/USD moved off the $1.134 zone yesterday, and so far this morning a dip down to that area has been met with fierce buying.
If the price continues to bounce, a move back towards the top end of the range is possible.
GBP/USD holds at new two-month high
Developments in the UK Parliament which suggest ‘no deal’ is a much-reduced possibility, have driven GBP/USD's surge.
The pair has formed a rising wedge, with support possible around $1.282. A break of this would likely mark a revival of the downward move, towards $1.2773 and then the $1.26 area.
USD/JPY stuck below ¥110
As with equities, USD/JPY has struggled to make much upward progress so far this week.
Rallies to ¥110.00 continue to hold back progress, but dips to ¥109.20 and ¥109.40 have found buyers. The current uptrend remains in place until the price breaks back below ¥109.00.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material 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 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. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research 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.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile