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CFDs are complex instruments. 70% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

FX levels to watch – EUR/USD, GBP/USD, USD/JPY

The euro is little changed against the dollar this morning, but the pound looks weak as the BoE decision looms. 

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EUR/USD still holding above $1.15

Dips below $1.1554 continue to be bought, raising the prospect of a rally for EUR/USD back towards trendline resistance around $1.17.

Above this, the $1.1860 area could continue to act as resistance.

EUR/USD chart

GBP/USD plumbs to new lows for 2018

Ahead of the Bank of England (BoE) meeting later today, GBP/USD has hit a new low for the year.

Wednesday’s session saw the price unable to break back above resistance at $1.32. The next area of support is $1.3039, the lows from October.

GBP/USD chart

USD/JPY in need of a boost

USD/JPY has recovered from the lows earlier in the week, but it now has to move above the ¥110.48 area that marked the high last week.

Above here, ¥110.84 comes into view, while rising trendline support comes into play around ¥109.60. 

USD/JPY chart

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