EUR/USD and GBP/USD weaken as USD/JPY consolidates after gains
It is another tough morning for EUR/USD and GBP/USD, while against the yen the dollar continues to soar.
EUR/USD sellers in control
Anyone trying to call the bounce here with EUR/USD, has had a tough few weeks, the precipitate decline continuing apace.
Any short-term bounce is likely to represent a brief recovery unless it can move back above $1.164, with the overall bearish trend still intact.
GBP/USD under pressure again
Yesterday’s recovery with GBP/USD to $1.365, is now a memory, having been reversed by a wave of selling.
Additional declines below $1.355 will provide further evidence that a lower high has been created and a return to the September low at $1.34 is now in sight.
USD/JPY continues to climb
Dollar strength continues to run rampant here with USD/JPY, lifting the pair to fresh highs in a dramatic change from the summer’s frustrating rangebound trading.
Additional gains target ¥113.64, but with the gains of the past two days the price has now pulled away from trendline support and looks vulnerable to some near-term consolidation, even if a pullback does not materialise.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
