FX levels to watch: EUR/USD, GBP/USD and USD/JPY
Small gains for EUR/USD fail to undo the prevailing bearish view, while cable is little-changed ahead of a key vote in Parliament.
EUR/USD still looking bearish
EUR/USD has begun to recover after fresh losses yesterday, but the overall bearish tone continues. A push above $1.13 would help to reverse this, and possibly bring $1.132 into view.
However, further declines will head deeper into the current descending channel, targeting $1.12 and lower.
GBP/USD stuck in a tight range
Faced with a series of indicative votes in parliament, GBP/USD has been unable to make much headway in either direction.
This 100-point range looks likely to continue unless we see a close above $1.325 or below $1.315.
USD/JPY continues to gain
A rebound has taken place for USD/JPY, putting the pair back above the 50-day simple moving average (SMA) at ¥110.49.
Further gains head towards ¥110.90, and then on to the 200-day SMA at ¥111.40. A close back below ¥109.80 is needed to revive the bearish view.
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