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. 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.

EUR/USD, GBP/USD and USD/JPY on the rise back towards key resistance

EUR/USD, GBP/USD and USD/JPY are on the rise, with recent weakness fading as the bulls come back into the fore.

EUR/USD starts to regain lost ground

EUR/USD has started to push higher towards the back end of the week, with the pair attempting to regain some of the ground lost throughout Monday to Wednesday. While we are gradually building momentum, there is a possibility that we see the bears come back into play before long.

That is particularly relevant because of the fact that this latest decline took place from the key $1.1908 resistance level. As such, while we could see further short-term upside, it would make sense to await a $1.1908 break to signal a more long-lasting bullish view coming into play.

GBP/USD surges back towards resistance

GBP/USD is surging back towards the $1.3891, with the pound outperforming despite a disappointing set of economic readings this morning.

A break up through that $1.3891 resistance level brings a bullish continuation signal, allowing the pair to build on the gains seen in recent weeks. As such, while the bulls appear to be in charge, it could make sense to await a bullish breakout to bring a fresh signal for the pair.

USD/JPY turning upwards from key support

USD/JPY has been grinding higher over recent weeks, with the price creating a trend of higher highs and lows. However, more recently we have seen the price fall back into the ¥109.58 support level.

That level comes back into place today, with the bulls expected to remain in charge today as we look for this current rebound to extend up towards ¥110.44 resistance. A break below ¥109.58 would be required to bring a more bearish view into play.

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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