EUR/USD and GBP/USD rally as USD/JPY weakens
EUR/USD and GBP/USD have enjoyed increasing bullish momentum over the past few days, but USD/JPY is still unable to move higher.
EUR/USD hits new high in ongoing bounce
EUR/USD has recorded a new higher high this morning as it continues the move higher from the beginning of the month.
The price has managed to pierce $1.134 and, while it may drop back, it remains in an uptrend. This bullish view requires a reversal below $1.125 to negate this view.
GBP/USD continues to rally
GBP/USD has enjoyed a strong performance from the end of June, reversing the decline from 10 June.
Higher highs and higher lows have been in place over the past two weeks, and further gains target $1.268, and then on to $1.28. A reversal below the 7 July low at $1.2465 is needed to provide a more bearish view.
USD/JPY struggling in early trading
The tentative strength of earlier in the week is giving way to more losses, after the USD/JPY price failed to clear ¥107.80.
Further declines target ¥106.80, and then down to ¥106.00 and the late-June lows. A reversal above ¥107.80 is needed to revive a more bullish outlook.
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
- Forex
- Shares
- Indices
