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 and GBP/USD on the rise, while USD/JPY reaches trendline resistance

EUR/USD and GBP/USD push higher as they seek to regain lost ground. Meanwhile, USD/JPY gains take us back into trendline resistance.

Video poster image

EUR/USD gradually regaining ground after dramatic sell-off

EUR/USD has been attempting to regain ground over the course of this week thus far, with the pair gradually grinding higher since Monday's low. However, that rise is a laboured one, with the price falling back again this morning.

There is a good chance that we do see EUR/USD weaken once again before long, yet we need to see a break below the 1.1881$ level to heighten expectations of such a move. Until then, the current pullback could represent another retracement as we gradually regain ground. With that in mind, keep an eye out for the 1.1908$-1.1897$ Fibonacci support zone as a region where the bulls could come back into play.

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

GBP/USD on the rise from Fibonacci support

GBP/USD has been on the rise since finding support on the 76.4% Fibonacci support level at 1.3806$.

The push up through 1.3938$ has led to the rise seen this morning, with further strength seeming likely over the near term. There are questions over whether we will roll over once again, but a bullish outlook holds unless we see the price fall below the 1.386$ swing low.

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

USD/JPY rallies back towards trendline resistance

USD/JPY has been on the rise since finding support on the ascending trendline dating back to mid-April. We have seen a great rebound after that retracement, but there are signs that we could soon see this latest rise draw to an end.

The peaks seen over the course of May and June highlight how this trendline resistance could cap the rebound, with a push through that line required to bring a potential bullish continuation signal. Until then, it might make sense trimming bullish positions as price runs the risk of easing back from trendline resistance.

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

Find out more

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…

<h3>How much does trading cost?</h3>
<h3>Find out about IG</h3>
<h3>Plan your trading</h3>

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.