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FX snapshot

Bearish movements suggest the dollar is still the driving force, even as the US takes the day off. 

CFDs are a leveraged product and can result in losses that exceed deposits. Trading CFDs may not be suitable for everyone, so please ensure you fully understand the risks and take care to manage your exposure.
GBP/USD
Source: Bloomberg

GBP/USD heads the bottom of the descending channel
The turn lower in GBP/USD this morning suggests the pair is heading back towards the lows of Tuesday and Wednesday around $1.5053, which would put the downtrend from the 19 November high back in focus.

Further support is possible around $1.5025 and then $1.4990, as the price heads down towards the bottom end of the ongoing descending channel. A breakout through $1.5050 would put the buyers back in charge and target $1.5230.

EUR/USD is turbulent
A choppy session yesterday saw the pair break higher and then drop swiftly, putting it back below the current downtrend line. Overnight we saw $1.0630 provide strong resistance, so now we look towards the lows of yesterday near $1.0580. A move lower will bring $1.05 and then $1.0440 into focus as possible support.

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EUR/USD

AUD/USD rally seems to be at an end
The overnight drop seems to have put an end to the steady rally in AUD/USD, and with the price pushing through $0.7220 it may be that the pair moves back towards support around $0.7170.

If we see a recovery during the day then $0.7240 will provide resistance, followed on by $0.7254, with an initial target for any rally around yesterday's highs of $0.7282. 

USD/JPY continues to head lower
The drift lower continues, with yesterday's low at ¥122.31 looking to be the next support area. A break through here targeting ¥121.90 and then ¥121.60, with bearish stochastics complementing the picture. A rally needs to break ¥123 as a first target, before moving on to the month high around ¥123.50. 

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CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.