Skip to content

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.

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

The euro and sterling are higher this morning, while the dollar continues to hold its own against the yen.

Video poster image

EUR/USD bounce gathers pace

EUR/USD has rallied strongly from the low at the end of last week, and looks likely to challenge downward sloping resistance from the 14 May high.

A break above this line requires a move above $1.1755, and then a close above $1.18 to create a higher high above that from the beginning of last week.

EUR/USD price chart

GBP/USD higher ahead of CPI

GBP/USD remains stuck in a downtrend from the May high, with a push towards trendline resistance yesterday being defeated.

However, a move above $1.33 would break resistance, and then the $1.3350 area comes into play. A turn lower targets $1.31 and then $1.3040.

GBP/USD price chart

USD/JPY holds ground after breakout

The price for USD/JPY has dropped back slightly after breaking out last week, but the uptrend is still in place.

A near-term bounce will challenge the high at ¥112.80, while a further decline would likely see buyers emerge around ¥110.00.

USD/JPY price chart

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.

Find articles by writer