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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.
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 levels to watch: EUR/USD, GBP/USD and USD/JPY

The pound is finding some upward momentum thanks to Brexit news, but USD/JPY is falling heavily.

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EUR/USD stuck below $1.14

The EUR/USD pair has continued to rally from the low of last week, but a breakout above $1.14 still eludes it.

From there $1.145 and $1.15 would come into play as possible resistance. So far this morning a rally towards $1.14 has run out of steam, so we may see fresh selling from here.

GBP/USD lifted on Article 50 news

Cable has seen strong gains as a European judge weighs in on Article 50 but rallies here over the past few weeks have merely been the cue for fresh selling.

The GBP/USD pair created a new lower high and lower low in the intraday charts yesterday, so any bounce that fails to recover $1.283 would be another lower high.

USD/JPY falls sharply

The USD/JPY pair has been hit by heavy selling, having been unable to move above ¥114.00 over the past month.

The next area of support is around ¥112.30, the late November lows. Below this is the October low around ¥111.65. Any break higher requires a daily close above trendline resistance from the September high.

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