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CFDs are complex instruments. 70% 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 levels to watch: EUR/USD, GBP/USD and USD/JPY

Brexit developments have bolstered GBP/USD, while EUR/USD continues to make small gains.

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United States dollar EUR/USD GBP/USD Japanese yen Pound sterling USD/JPY

EUR/USD builds on gains

Signs of a recovery remain in evidence here for EUR/USD, as the price continues its rally off the $1.13 level.

Now it targets the 50- and 100-day simple moving averages (SMA) at $1.1389 and $1.1395 respectively, while additional gains head towards trendline resistance from the January highs, which would come into play around $1.144.

EUR/USD chart
EUR/USD chart

GBP/USD leaps once more

News of political developments in both the government and opposition camps, relating to no-deal and a second referendum, was enough to push GBP/USD higher late yesterday.

Now the pair targets $1.32, the highs from late January. Dips towards $1.305 may well find buyers, and a close below $1.304 would provide a more bearish view, at least in the short-term. However, for the moment the buyers are in control, and the progression of higher lows and higher highs is expected to continue.

GBP/USD chart
GBP/USD chart

USD/JPY steadies after retracement

The sharp rally yesterday was knocked back for USD/JPY (大口), but the retreat overnight has created a higher low, and has seen bullish momentum develop.

Fresh gains target ¥111.20, the high from Monday, and then on towards ¥111.65. The past week saw a staunch defense of ¥110.50, so a close below this would produce a more bearish view.

USD/JPY chart
USD/JPY chart

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