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 struggles as GBP/USD bounces and USD/JPY pushes higher

While the pound and the yen are making headway against the dollar, the euro is having a tougher time of it.

EUR/USD tiptoes higher from intraday lower low

The price of EUR/USD eked out a lower low yesterday, edging below $1.21, with a small overnight bounce following on from this.

A continued rebound targets $1.22 and then on to $1.225. A resumption of losses below $1.21 brings $1.20 into view.

GBP/USD bounces from $1.41 yet again

The GBP/USD price continues to ferociously defend $1.41, bouncing from this support zone yet again.

The firm defence of this floor points towards the idea that the uptrend in GBP/USD is still active, but just consolidating for now. A close below $1.406 would negate this view and point towards a deeper correction.

USD/JPY continues its steady trend higher

Higher highs and higher lows since the end of April point towards a renewed move higher for USD/JPY.

Further gains head to ¥110.37, and from there back towards the March peak at ¥111.00. Should this bullish momentum stall and reverse then a drop below ¥109.20 is needed to clear the latest higher low.

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

liveprices.javascriptrequired

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.