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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. 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 financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

​GBP/USD remains under pressure while EUR/JPY, USD/JPY recover

​​​GBP/USD tries to hold at support while EUR/JPY, USD/JPY recover​​.

Pound Source: Bloomberg

GBP/USD remains under pressure

On Thursday GBP/USD has once again been rejected by the 55-day simple moving average (SMA) at $1.2673 and slid to $1.2613. Below it lies the February-to-March uptrend line at $1.2608 which may offer support. Further down lies the mid-January low at $1.2597.

While the cross remains below last week's high at $1.271, further range trading is likely to be seen.

The $1.271 level needs to be bettered for the $1.275 area to be back in sight. This outlook will remain valid while the early-February low at $1.2519 underpins.

GBP/USD chart Source:TradingView.com
GBP/USD chart Source:TradingView.com

​EUR/JPY is topping out

EUR/JPY has rapidly fallen from its ¥163.72 late-November high through its ¥161.86 January high to ¥161.69 on Thursday before recovering. This low was made close to the 13 February high at ¥161.63.

Minor resistance remains to be seen at Wednesday's ¥162.76 low.

Only a fall through the 15 February low at  ¥160.92 would threaten the medium-term uptrend.

EUR/JPY chart Source:TradingView.com
EUR/JPY chart Source:TradingView.com

USD/JPY recovers lost ground

USD/JPY's rapid fall towards the ¥148.93-80 support zone, made up of the 19 and 23 January as well as 5 February highs and 12 February low, gave way to another leg higher being made.

While the February highs at ¥150.83-88 cap, though, a toppish bearish reversal pattern remains in play.

Minor support can be spotted at the 20 February ¥149.69 low.

USD/JPY chart Source:TradingView.com
USD/JPY chart Source:TradingView.com

This information has been prepared by IG, a trading name of IG 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.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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