EUR/USD and USD/JPY higher as GBP/USD momentum falters
While EUR/USD has rallied, the bounce in GBP/USD appears to be running out of steam.
EUR/USD bounces from support zone
The EUR/USD pair continues to hold $1.08, rallying towards $1.10 and the top end of the trading range of the past month or more.
Gains above this level have proven impossible to support, while possible trendline resistance from the late-March high comes into play around $1.095. With downside capped at $1.08, a continued move higher looks to be a distinct possibility.
GBP/USD begins to falter
The rally from the lows of Monday’s session could be poised to turn lower and create a lower high for GBP/USD.
While it has managed to move back above $1.223, the price is at risk of further declines if we see a reversal today or tomorrow. Further declines bring $1.208 into view, the low from Monday, and then below this there is little apparent support before the lows of late March.
USD/JPY edges higher
The USD/JPY pair has recovered from its lows of last week, although a retest of the highs from over a week ago is still yet to take place.
Further gains continue to head towards ¥107.80, while a move below ¥107.00 is likely to signal some more near-term weakness.
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