Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose. CFDs are complex instruments. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

EUR/USD, GBP/USD, and USD/JPY at risk despite current rise

EUR/USD, GBP/USD, and USD/JPY on the rise, yet questions remain over the potential for a subsequent pullback.

EUR/USD starts to stabilize after latest decline

EUR/USD fell back into a fresh a three-month low yesterday, but has been stabilizing in the hours since.

With a clear downtrend in play from an intraday perspective, we are expecting further weakness, if we do not break through the $1.1881 swing high. Despite that, we could see a short-term rebound to provide another retracement phase.

GBP/USD finding support on Fibonacci support

GBP/USD has started to take a more bullish shape after a period of declines yesterday, with the pair gaining traction at the 61.8% Fibonacci support level.

The rise through $1.3898 highlights the potential for a more bullish phase coming into play here. With that in mind, a positive outlook is in play here, where a break below $1.3742 would be required to bring a bearish continuation pattern.

USD/JPY rises back into trend line resistance

USD/JPY has been on the rise since Thursday’s low, with the pair rising back towards trend line resistance. That trend line breakdown highlights the potential for this latest rise to be a short-term retracement before we head lower once again.

With that in mind, there is a good chance we could see the bears come back into play around these levels. A breakup through the ¥111.65 level would be required to negate that bearish potential.

This information has been prepared by IG, a trading name of IG US LLC. This material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. You should not treat any opinion expressed in this material as a specific inducement to make any investment or follow any strategy, but only as an expression of opinion. This material does not consider your investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. No representation or warranty is given as to the accuracy or completeness of the above information. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. Any research provided should be considered as promotional and was prepared in accordance with CFTC 1.71 and designed to promote the independence of investment research. See our Summary Conflicts Policy, available on our website.

Start trading forex today

Trade the largest and most volatile financial market in the world.

  • Spreads start at just 0.8 pips on EUR/USD
  • Analyze market movements with our essential selection of charts
  • Speculate from a range of platforms, including on mobile

Live prices on the most popular forex markets


Prices above are subject to our website terms and agreements. Prices are indicative only

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 forex provider.

Stay on top of upcoming market-moving events with our customisable economic calendar.