EUR/USD moves sideways as GBP/USD and USD/JPY drops
Further losses have been seen for GBP/USD and USD/JPY, while EUR/USD drifts sideways.
EUR/USD stuck in range
The EUR/USD pair continues to drift sideways as it is stuck bouncing between $1.078 and $1.09.
The current drop into the lower bound of the trading range sets up a possible rally towards $1.09. A breakout of this range is needed to provide longer-term direction.
GBP/USD continues to fall
A clearer downtrend is in progress for GBP/USD, with lower highs and lower lows forming over the past two weeks.
A rally yesterday hit trendline resistance from the 8 May high, while rebounds towards $1.23 may provide further selling opportunities. Alternatively, a breakout above $1.232 would suggest a new trend higher is underway.
USD/JPY continues sharp retracement
For USD/JPY, the losses of the past three sessions have reversed much of the gains made since 6 May, but arguably this retracement leaves the bullish view intact.
A rally above ¥107.00 would signal that the buyers are back in control, while further losses towards ¥106.60 continues to adhere to the descending channel, in place since 11 May.
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