Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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. 76% 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 and GBP/USD move up as USD/JPY holds steady

A weakening of the US dollar has given space for EUR/USD and GBP/USD to recoup some lost ground.

EUR/USD rebound gathers pace

EUR/USD looks like there might be some short-term strength to this bounce, as the price edges up after rebounding yesterday.

If nothing else, the yawning gap between the price and the 50-day simple moving average (SMA) at $1.1606 would suggest some kind of reversion, although given the strength of the downtrend we should not expect this to run too far. Any rebound would still likely set up a possible shorting opportunity with a more compelling risk-reward outlook than the current price action.

GBP/USD finally moves higher

After making heavy weather of it over the past week with GBP/USD, yesterday finally brought the bounce the bulls were looking.

Like EUR/USD, this rebound is likely to be short-lived, but a move towards $1.3575 and then the 50-day SMA at $1.3639 now looks to be a possibility. From further up, however, we should still expect selling pressure to build, maintaining the overall bearish outlook.

USD/JPY steady after losses

The bounce and reversal of the previous two sessions with USD/JPY might seem to indicate that a new move to the downside could be in play for now, although a move below ¥113.60 would be needed to seal this view and being a move back towards the 50-day at ¥112.50 into play.

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