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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.

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EUR/USD and GBP/USD rally while USD/JPY edges lower

Sterling is bouncing in the short term, while the euro is fighting to hold $1.12.

Sterling Source: Bloomberg
Forex news Japanese yen United States dollar Pound sterling Euro USD/JPY
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/USD bounces from $1.12

EUR/USD continues to rally from $1.12, as this level is still holding as support. Gains have stalled at $1.128, so a move above this level is needed to open the way to $1.132 and the 200-day simple moving average (SMA).

Trendline resistance from the June high would be found at $1.125, providing another hurdle to a break higher. Bears need to push the price below $1.12 to start a deeper pullback, targeting $1.112.

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

GBP/USD recovers from lower low

GBP/USD has rallied off its lows over the past 24 hours, but the overall downtrend is still firmly in place.

A rebound towards $1.26 would challenge the peak from earlier in the week, and then provide another possible selling opportunity. This would also take the price back to trendline resistance from the May peak. The bearish view likely remains in place until the price moves back above $1.262.

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

USD/JPY bounces from support

USD/JPY’s dips to ¥107.60 continue to find support, as we have seen so far today.

The price is also in a possible bullish wedge, with a slowing pace of declines seen over the past week. A rally to ¥108.10 would hit trendline resistance from the 11 July high. Below ¥107.50, the price heads towards ¥106.80.

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

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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. Clients can lose more than they deposit. All trading involves risk.

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