CFDs are complex instruments. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money. CFDs are complex instruments. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

EUR/USD, GBP/USD and USD/JPY driven by dollar declines

EUR/USD, GBP/USD and USD/JPY continue their recent trends, with sharp dollar declines driving overall sentiment throughout the FX realm.

EUR/USD uptrend continues as price hits two-year high

EUR/USD has continued its uptrend, with the price breaking into a fresh two-year high. That brings us back into a long-term trendline resistance region.

We are also trading close to the upper end of an ascending standard deviation channel here after an extended run higher overnight. With that in mind, there is a chance we see another period of consolidation come back into play before long. Nevertheless, whether that pullback occurs or not, the bullish outlook remains in play here unless the pair break below yesterday’s low of $1.173.

GBP/USD drives higher, with uptrend remaining consistent

GBP/USD has continued its recent uptrend, with the pair driving towards the March peak of $1.32. This recent surge has extended sharply higher overnight, with the possibility of a retracement always worth considering.

Nevertheless, while the finer details on how this uptrend continues remains to be seen, further upside does look likely before long. As such, a bullish outlook remains in play unless the price breaks the Thursday low of $1.2944. Until then, any pullback will be see as a potential formation to trade around.

USD/JPY downtrend extends to hit four-month low

USD/JPY has seen another bout of sharp losses overnight, with the consolidation seen through much of the week finally resolving with another leg lower.

That decline looks likely to persist as we move forward, with a bearish outlook in play unless ¥105.29 breaks. With that in mind, any upward retracement is likely to provide a bearish opportunity rather than a reason to worry about the trend coming to an end.

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.

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