Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

Dollar weakness expected for GBP/USD and USD/JPY

Dollar weakness looks to be on the cards, with GBP/USD gains likely to be joined by USD/JPY weakness. Meanwhile, EUR/USD looks primed for a breakout.

EUR/USD closing in on triangle apex

EUR/USD failed to break into a new higher high yesterday, instead reversing lower to continue the symmetrical triangle formation that has been building.

With the price having now declined into trendline support, we are approaching the apex of this formation. As such, watch for whether we break through $1.1038 or $1.1075 to provide a signal of where we go from here.

GBP/USD pushes higher to continue uptrend

GBP/USD managed to push higher once again yesterday, following on from a 61.8% Fibonacci retracement.

The uptrend remains intact, with the Federal Reserve (Fed) rate cuts coupled with easing fears of a no-deal Brexit providing the pound a boost. That is likely to continue, with any short-term downside likely to bring about a new buying opportunity. As such, a bullish picture remains unless price break below $1.2435.

USD/JPY starting to weaken from trendline resistance

USD/JPY has started to weaken after a rally into trendline resistance, with the price falling into the 61.8%-76.4% Fibonacci zone. The wider long-term trend remains bearish and thus it is likely the pair will soon reverse lower once again.

Given the rally into this trendline, there is a good chance that market top is upon us. However, it makes sense to await a breakdown below ¥107.50 for that bearish confirmation signal. Until then, there is still a chance that we could continue the short-term uptrend.

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. See full non-independent research disclaimer and quarterly summary.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market.

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Take your position
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.


For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of spread betting and CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.