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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

Small gains for EUR/USD fail to undo the prevailing bearish view, while cable is little-changed ahead of a key vote in Parliament.

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Japanese yen United States dollar EUR/USD USD/JPY GBP/USD Euro

EUR/USD still looking bearish

EUR/USD has begun to recover after fresh losses yesterday, but the overall bearish tone continues. A push above $1.13 would help to reverse this, and possibly bring $1.132 into view.

However, further declines will head deeper into the current descending channel, targeting $1.12 and lower.

EUR/USD chart
EUR/USD chart

GBP/USD stuck in a tight range

Faced with a series of indicative votes in parliament, GBP/USD has been unable to make much headway in either direction.

This 100-point range looks likely to continue unless we see a close above $1.325 or below $1.315.

GBP/USD chart
GBP/USD chart

USD/JPY continues to gain

A rebound has taken place for USD/JPY, putting the pair back above the 50-day simple moving average (SMA) at ¥110.49.

Further gains head towards ¥110.90, and then on to the 200-day SMA at ¥111.40. A close back below ¥109.80 is needed to revive the bearish view.

USD/JPY chart
USD/JPY chart

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