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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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GBP/USD rebounds into Fibonacci resistance as USD/JPY pushes higher

GBP/USD rallies into Fibonacci resistance, while USD/JPY looks set for further upside as traders overlook near-term Omicron risks.

Pound Source: Bloomberg
Forex United States dollar GBP/USD Pound sterling USD/JPY Japanese yen
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​GBP/USD pauses after surge into 76.4% resistance

GBP/USD has been on the rise of late, with the pair having pushed sharply higher over the course of this week. The push into 76.4% Fibonacci resistance is key here, with the price pausing at that key $1.34 level.

The ability to break up through this level would be key in building the confidence of further upside to come. Ultimately a break up through $1.3513 would bring expectations of a wider rebound for this play. Until we break either of those levels, there is a risk of a pullback given the ongoing trend of lower highs.

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

USD/JPY continues to gain ground

USD/JPY has been on the rise of late, with the price pushing up into a four-week high overnight.

That bullish momentum is expected to persist as we move forward, with expectations of tighter monetary policy at the Fed building support for the dollar. A break below the $114.07 level would bring about expectations of a wider pullback. Until then, this recent bullish trajectory looks set to persist.

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

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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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