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 all pushing higher

A recovery in risk appetite has bolstered the euro and sterling versus the dollar, and lifted the greenback against the yen.

EUR/USD targets recent high

Having bounced last week from $1.078, the EUR/USD price has continued to rally, establishing higher highs and higher lows over the past two days following the surge on Monday.

Gains since mid-April have stalled around $1.10, so a longer-term break higher requires a push above this level. Alternatively, a break back below $1.092 could signal a bigger retracement, targeting $1.088 and then $1.078.

GBP/USD creates higher low after breakout

GBP/USD broke through trendline resistance on Monday, and while it has dropped back from the highs around $1.23, the price may be in the process of establishing a higher low around $1.218.

Further gains head towards $1.23, and it will be above here that a higher high is created.

USD/JPY uptrend continues

Steady gains have been seen in USD/JPY over the past month, creating higher highs at ¥107.70 and then on to ¥108.00.

A pullback from Tuesday’s high has created a higher low at ¥107.40, and this has been followed up with further gains. A more bearish view requires a drop below ¥107.40, which may open the way to ¥106.80.

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.

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