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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% 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.
FX markets continue their recovery from last week’s risk-off moment, as EUR/USD, GBP/USD and USD/JPY all move higher.
Overnight weakness for EUR/USD seems to have given buyers another opportunity, but they will need to push the price above $1.16 to clear the way to further upside.
Above here, $1.18 comes into view. A close below $1.15 is needed to suggest a bearish turn.
Despite the mixed signals on Brexit, GBP/USD has rallied once again.
Fresh gains target $1.3250, and then on to the September high at $1.33. The bullish view remains unless we see a close below $1.31.
USD/JPY could be executing a classic bounce off a rising trendline, finding support around ¥111.60, where the trendline from the March lows comes into play.
We have yet to see a new higher high intraday however, so a move above ¥112.50 is needed to suggest bullish momentum has the upper hand. Despite this, risk-reward may now favour the bulls, with a view to seeing the current rising trend continue.
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