Skip to content

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 CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. 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 CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

FX levels to watch – EUR/USD, GBP/USD, USD/JPY

While the euro rises and the dollar falls against the yen, sterling has climbed to a level not seen since June 2016. 

Video poster image

EUR/USD retests $1.24

Weakness last Thursday proved to be a strong buying opportunity, as EUR/USD pushes back above $1.24.

A close above $1.24 would signal another attempt to target $1.25 and then $1.2570, the high from mid-February. The $1.22 zone has been strong support since mid-January, so the buyers remain in charge until we get a daily close below this level.

GBP/USD continues to climb

GBP/USD closed near to the January high of $1.4345, and this morning has opened at a new post-Brexit vote high.

The next target on the upside is $1.4668. Intraday dips have been bought throughout the month so far, and it will take a move back below $1.41 to reverse the bullish outlook.

USD/JPY returns to ¥107

USD/JPY has faltered, falling back to ¥107.00 after trying to break higher last week.

Further declines will see the ¥106.60 level, key support last week, tested, and then below this ¥105.24 and then ¥104.63 will come into view. A close above ¥107.80 would be needed to suggest a turnaround is in play.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Find articles by writer

This information has been prepared by IG, a trading name of IG Markets Limited and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.