GBP/USD surge goes on, while EUR/USD and USD/JPY push higher

The surge in GBP/USD carries on, with the pair hitting its highest level since early May. Meanwhile, USD/JPY continues to recover, and EUR/USD is making another attempt to clear $1.11.

EUR/USD steadies above $1.107

An attempted push through $1.11 yesterday was rudely rebuffed, although the EUR/USD price has begun to push higher this morning.

A close above $1.11 is still needed to open the way to further gains, targeting $1.1161, the 200-day simple moving average (SMA) and the highs from the second half of October. So far dips towards $1.107 have found support, which would reinforce a more bullish view.

GBP/USD hits seven-month high

The GBP/USD surge continues, with cable heading towards the May peak of $1.317.

A Moving Average Convergence Divergence (MACD) crossover on the daily chart reinforces the bullish view, and will mean that further intraday dips continue to be buying opportunities. $1.32 and $1.335 are the next targets to watch on the upside.

USD/JPY pushes higher

After the notable slump at the beginning of the week, USD/JPY has begun to make a recovery.

The price once again found support at the rising 50-day SMA (¥108.50), and further gains target Monday’s high at ¥109.20 and then on to ¥109.70. Above this, the price will have created a new higher high, reinforcing the bullish view.

The information 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 Bank S.A. 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 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. See full non-independent research disclaimer.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Take your position
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.