Skip to content

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

GBP/USD rallies post UK budget while EUR/JPY, USD/JPY top out

GBP/USD rallies post UK budget while EUR/JPY, USD/JPY top out amid rate hike expectations which have risen to 45% for a March hike.​

JPY Source: Bloomberg

GBP/USD remains bid post UK budget

GBP/USD has risen to a one-month high and is getting ever closer to the $1.2772 to $1.2786 resistance area which may short-term cap, though. If not, the $1.2794 mid-December high would be in sight.

Minor support is seen along the breached downtrend line, because of inverse polarity now a support line, at $1.2722 and also at the 22 February $1.271 high.

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

EUR/JPY has been rejected by key resistance and falls

EUR/JPY is seen rapidly coming off its late-November and February highs at ¥163.71 to ¥163.72 and is rapidly falling towards the 15 February low at ¥160.92.

If fallen through, a top formation will be confirmed.

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

USD/JPY is topping out

USD/JPY is now clearly topping out and is fast approaching its 7 February low at ¥147.63.

Below the above beckons the 55-day simple moving average (SMA) at ¥147.27.

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

This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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.

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

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.