EUR/USD stalls as GBP/USD pushes higher and USD/JPY enjoys a rebound
While EUR/USD remains unable to break out of its current range, GBP/USD continues to climb. Meanwhile, USD/JPY has paused after Monday’s rebound.
EUR/USD still stuck below $1.19
EUR/USD has spent more than a week hovering below $1.19, but with little evidence that it has the strength to break above this level.
A move back below $1.18 revives the ongoing range trade that has prevailed since the beginning of September, bringing $1.16 into view once more. Alternatively, a break through $1.19 would mark a bullish development, targeting $1.20.
GBP/USD rally continues apace
Seems like there is no slowing GBP/USD, which has continued to climb in the past two weeks, almost touching $1.34 yesterday, a level it has not seen since the end of August.
The rally has taken on a new lease of life, with even the smallest dips being furiously bought. Sellers might hope for a more bearish view if the price can move back below $1.32, but overall there is little sign at present that the buyers are prepared to relinquish control, as they take advantage of continued intraday higher lows and higher highs.
USD/JPY steady after rebound
USD/JPY’s ongoing downtrend has suffered a check, as the price rallies from ¥103.70 to recover ¥104.00.
However, we will need to see a further push back above ¥105.50 to suggest the creation of a new higher high. A resumption of the downward move below ¥103.70 would reinforce the current downtrend.
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