EUR/USD on the ropes as GBP/USD nears a support zone
Some of the dollar strength from earlier in the week has dissipated, but overall the euro and sterling continue to struggle.
EUR/USD still unable to bounce
A new lower low for EUR/USD in the current downtrend leaves sellers firmly in charge.
A small rebound earlier in the week did not change the overall negative view. While a rebound towards $1.175 would be of interest to longs, it leaves the downward move from the beginning of the month firmly intact.
GBP/USD heads back towards support
GBP/USD's price has returned to the $1.36 support zone which provided the foundation for a bounce in mid-July.
A rally would head towards trendline resistance from the late July high, targeting $1.38 in the first instance.
USD/JPY fails to make headway
It has been a tough battle between the buyers and sellers with USD/JPY over the past seven weeks, with little in the way of a significant, extended move in either direction.
Dips towards ¥109.00 have been buying opportunities, while on the upside, rallies to ¥110.75 have hit a wall of selling.
This information has been prepared by IG, a trading name of IG Markets 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.
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