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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.

​​GBP/USD stalls while USD/JPY hits new eight-month high and AUD/USD falls following weak CPI reading​

​​The pound is little-changed against the dollar, while the dollar continues to make headway against the yen and the Aussie.

GBP Source: Bloomberg

​​​GBP/USD stumbles after Tuesday gains

​A broad recovery in risk allowed GBP/USD to recoup some of its recent losses, potentially putting it back on an upward path.

​A move back below $1.27 is needed to restore a short-term bearish view and renew the potential for a test of trendline support from the late May lows.

​​Should Tuesday’s trading mark a recovery of a more substantial kind then the highs of mid-June above $1.28 come back into view.

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

USD/JPY at fresh eight-month high

USD/JPY has continued to make headway, despite suggestions that intervention by the Japanese Ministry of Finance might be in the offing.

​Recent gains have seen it push above ¥144.00, the highest level since November. Above this the price will target ¥144.90. Overall the buyers remain in charge unless we see a drop back below ¥142.00.

​This might then suggest some short-term weakness which might result in a move to ¥140.00, or towards the rising 50-day simple moving average (SMA).

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

​AUD/USD falls after CPI growth slows

AUD/USD price has fallen further after the precipitate drop of the past week.

​A close back below $0.665 leaves the sellers firmly in charge and could open the way to new losses in the direction of $0.66 or lower.

Buyers would need a reversal back above the 200-day SMA to suggest the pullback has at least paused.

AUD/USD chart Source: ProRealTime
AUD/USD chart Source: ProRealTime

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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