Skip to content

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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. 69% 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.

EUR/USD, GBP/USD and USD/JPY edging higher

All eyes will be on USD/JPY, which has moved up for a second successive day. EUR/USD and GBP/USD are quieter, but have so far avoided further losses.

Video poster image

EUR/USD consolidates near $1.21

The EUR/USD pair’s ascent was given new life on Friday with a push towards $1.21, and while it has edged back over the past couple of days the overall bounce remains intact.

The next target is $1.22, and for the time being the price continues to hold at a sharply ascending support trendline. If this is broken a drop back towards $1.20 is possible.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD renews upward move

The previous two days have seen a recovery of GBP/USD back above the 50-day simple moving average (SMA), reversing the growing bearish view of early last week.

This puts a move back to $1.40 in view, while above $1.405 the February peak looms at $1.425. The attempt by sellers to push the price below $1.38 last week failed, and leaves the bullish view in the ascendant for the time being.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

USD/JPY begins tentative rebound

A bullish crossover in stochastics and a reversal of the lower highs of the past month may well point towards a renewed move higher, reviving the uptrend of the past few months.

This guardedly bullish outlook is maintained unless the price of USD/JPY reverses back below ¥107.50.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

This information has been prepared by IG, a trading name of IG Markets Ltd 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. See full non-independent research disclaimer and quarterly summary.

Start trading forex today

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

  • Spreads start at just 0.6 points on EUR/USD
  • Analyse market movements with our essential selection of charts
  • Speculate from a range of platforms, including on mobile

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

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

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Monday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

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 provider of CFDs.

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