EUR/USD and GBP/USD move up as USD/JPY drifts sideways

EUR/USD and GBP/USD are still aiming for further gains, while USD/JPY has continued its sideways movement.

EUR/USD still in upward move

EUR/USD continues to climb as it has done over the past week, with no reversal yet in sight.

As a result, we look for further gains in the direction of the 50-day simple moving average (SMA) at $1.1711, and then on to the late September high at $1.1756.

GBP/USD returns to September peak

Crunch time is rapidly approaching for the GBP/USD bulls, after a huge rally off the September low. Gains in September stalled at $1.39, with the price now targeting this zone, as well as the 200-day simple moving average (SMA) at $1.385.

There have only been small intraday pullbacks, but as with EUR/USD, an actual reversal has yet to develop. Notably the price has continued to post higher daily lows over the past week and more.

USD/JPY drifts sideways

USD/JPY's bounce has weakened but not gone into a complete reversal. Sellers have been unable to push the price below ¥113.85, Tuesday’s low.

Until this happens more short-term consolidation looks likely, as a prelude to another push above ¥114.50.

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

Please see important Research Disclaimer.

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

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


Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

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.