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

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​​​EUR/USD, GBP/USD rally while USD/JPY falters after BoE, Fed rate cuts

​​​EUR/USD, GBP/USD rally while USD/JPY falters at resistance following BoE, Fed widely anticipated 25 basis point rate cuts.​​

USD Source: Adobe images
Forex Shares Japanese yen USD/JPY EUR/USD GBP/USD
Written by: Axel Rudolph | Market Analyst, London
Publication date:

​​​EUR/USD recovery underway

​Following the US Fed's (Federal Reserve bank) widely anticipated 25 basis point rate cut, the US dollar weakened. This benefitted EUR/USD which so far bounced back to $1.0824. A rise above this level is expected to take place over the coming days with the 200-day simple moving average (SMA) at $1.0868 being eyed.

​​Previous resistance at $1.0778-to-$1.0761 should now act as a support zone due to inverse polarity.

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

​GBP/USD rallies

​Following Thursday's widely anticipated Bank of England (BoE) 25 basis point rate cut, GBP/USD rallied as the US dollar weakened amid the Fed's 25 basis point rate cut. The key $1.3000-to-$1.3048 resistance zone is thus back in play. It would need to be exceeded, for a bullish reversal to be confirmed.

​​Support is now seen around the 24 October low at $1.2988.

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

​USD/JPY comes off resistance

USD/JPY has been rejected by the ¥154.56-to-¥155.37 resistance area which consists of the early June high and the 18 July low. Minor support is seen along the 200-day SMA at ¥151.64.

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

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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 CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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