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Spread bets and 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 spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and 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 spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

​​​EUR/USD, GBP/USD, USD/JPY bid ahead of US presidential election​​​

​​​EUR/USD, GBP/USD, USD/JPY look bid ahead of the US presidential election, initial results of which are expected early Wednesday morning.​​

Dollar Source: Adobe images

​​​EUR/USD back above 200-day SMA

​EUR/USD's bounce off its $1.0778-62 support area has taken it above its 200-day simple moving average (SMA) at $1.0869, practically to the June high at $1.0916, above which lies the July peak at $1.0948.

​The 200-day SMA and the 25 October high at $1.0869-to-$1.0839 should now act as minor support ahead of the main $1.0778-to-$1.0761 support area.

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

​GBP/USD aims for resistance

​GBP/USD recovery from its $1.2844 late October low aims for the significant $1.3000-to-$1.3045 resistance area which this time round may well be breached amid the US presidential election. If so, the $1.3300 region would be back in sight.

​​Minor support can be found around the 23 October low at $1.2910.

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

​USD/JPY side-lined

​​USD/JPY still has the ¥154.56 early June high and the ¥155.21 late July high in view.

​​Support is still seen along the 200-day simple moving average (SMA) at ¥151.54 ahead of the more significant ¥149.40-to-¥148.85 support zone.​​

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

This information has been prepared by IG, a trading name of IG Markets 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.

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