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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% 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.

EUR/USD, GBP/USD and USD/JPY show tentative signs of weakness after recent gains

EUR/USD, GBP/USD and USD/JPY show initial signs of weakness, but questions remain over whether we are due a pullback after recent gains.

EUR/USD pullback brings price into Fibonacci support

EUR/USD has been easing back over the course of the past week, with the price falling into the 76.4% Fibonacci support level.

The recent attempt to regain ground is set within a wider downtrend from this pair, bringing the potential for a move lower before long. A break below $1.1572 would bring about a fresh bearish outlook for the pair. However, for now the question is whether we see the price turn upwards from the 76.4% Fibonacci support level or not.

GBP/USD continues to consolidate after recent rise

GBP/USD has been consolidating over the past week, with the pair pushing up towards the crucial $1.3913 swing high. A break through that level would bring an end to the wider trend of lower highs that has been playing out over recent months.

However, we remain below that level as things stand, with the price consolidating above the $1.3742. A break below that support level could bring the bears back into play over the near-term. Given the wider downtrend seen since the May highs, such a breakdown could bring another bearish phase into play.

USD/JPY falling back after latest move higher

USD/JPY has turned lower in early trade today, with the price seemingly falling short after a move upwards from the 76.4% Fibonacci support level. This has taken the price back down below trendline support, threatening a wider pullback for the pair.

A break below ¥113.41 and ¥113.00 would raise the likeliness of a wider retracement phase coming into play. Until then, the question here is whether we break those support levels or find support once again to maintain the trend of higher lows.

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.

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