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 edges lower, while GBP/USD little changed and USD/JPY holds steady​

​​There is little movement across FX markets, with attention focused on tomorrow’s US CPI reading.

Video poster image

​​​EUR/USD struggles around $1.10

EUR/USD continues to make heavy weather of any upside, unable to push firmly on and hold above $1.10.

​However, the bounce remains firmly intact, and would need a move back below $1.09 and below trendline support from September to suggest that a fresh short-term pullback was in play. This might then result in a move to the 50- or 100-day simple moving averages (SMAs).

​Bulls need to see a move above $1.103 to suggest that a fresh break to the upside has begun.

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

​GBP/USD at new 2023 highs

GBP/USD price has been able to move on above the $1.241 highs from December, putting new strength into the bullish view.

​Additional upside now targets the June 2022 high at $1.2267, while above this $1.30 looms into view, an area that was support back in March 2022.

​A reversal at the June 2022 highs might bring $1.24 back into view as support, but even then the broader uptrend is still in place.

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

​USD/JPY steady in early trading

USD/JPY rebounded back above the 50-day SMA after a brief trip below it, the price now targets ¥138.00 once more. This would also see it challenge the 200-day SMA.

​A break above here then targets ¥139.00, and then a move above ¥140.00 would help to reinforce the view that a fresh bullish move is in play in the medium term.

​Sellers will need to see a drop back below the 100-day SMA and below trendline support from the January low to suggest that the bearish view prevails once again.

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.