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.

EUR/USD under pressure while GBP/USD holds steady and USD/JPY rallies

More poor eurozone data continues to hit EUR/USD, while dollar strength lifts USD/JPY. The pound remains relatively quiet a day after the announcement of Boris Johnson as the new UK PM.

EUR/USD still on the back foot

Hopes of a rebound were dashed as the EUR/USD price continued to fall yesterday, moving towards the $1.112 support zone. A possible rebound from this level would head towards $1.12 (previous support) and then on to $1.13.

The downtrend on the hourly chart is still firmly in place, so rebounds to work off the current oversold conditions may merely be fresh selling opportunities. The price has shown little ability to hold above the key moving averages on the hourly chart, so until this changes the sellers remain in control.

GBP/USD aims to create a higher low

Yesterday’s GBP/USD losses were stemmed around $1.243, which may see the creation of a higher low, but now a rebound needs to move above $1.255/$1.26, which held back progress in mid-July.

Further declines head towards $1.238, as the price resumes its downward move.

USD/JPY pushes higher

USD/JPY has been climbing steadily over the past few days, and may well be establishing a new higher low as it drops back from the highs of the week at ¥108.30.

If it can hold above ¥107.80 then the bullish view remains intact, and a fresh move higher may develop. The current bullish view, which builds on the 5 July breakout from trendline resistance, would only be impaired if the price drops back below ¥107.20.

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

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.