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

The euro is little changed against the dollar this morning, but the pound looks weak as the BoE decision looms. 

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EUR/USD still holding above $1.15

Dips below $1.1554 continue to be bought, raising the prospect of a rally for EUR/USD back towards trendline resistance around $1.17.

Above this, the $1.1860 area could continue to act as resistance.

EUR/USD chart

GBP/USD plumbs to new lows for 2018

Ahead of the Bank of England (BoE) meeting later today, GBP/USD has hit a new low for the year.

Wednesday’s session saw the price unable to break back above resistance at $1.32. The next area of support is $1.3039, the lows from October.

GBP/USD chart

USD/JPY in need of a boost

USD/JPY has recovered from the lows earlier in the week, but it now has to move above the ¥110.48 area that marked the high last week.

Above here, ¥110.84 comes into view, while rising trendline support comes into play around ¥109.60. 

USD/JPY chart

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This information has been prepared by IG, a trading name of IG Markets Limited and IG Markets South Africa 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. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.