EUR/USD in retreat as GBP/USD and USD/JPY continue to move higher

A quieter morning has seen EUR/USD continue its recent weakness, while the rally in USD/JPY has slowed from earlier in the week.

EUR/USD retreats from week’s high

The sellers appear to have reasserted control, pushing EUR/USD back below $1.18 and targeting the $1.16 lower bound of the current range.

Bulls will need to take back control and drive the price back above $1.19 to restore a more bullish view, while a longer-term negative outlook requires a close below $1.16.

GBP/USD falters after new higher high

GBP/USD succeeded in reaching $1.33 yesterday, creating a new higher high.

While the price has now dropped back it remains firmly in an uptrend, with trendline support coming in to play around $1.30. Alternatively, a move back above $1.325 helps suggest that a renewed move higher is in play.

USD/JPY rally eases off above ¥105

Signs of a continued rally have diminished for USD/JPY, as the price moves back above the 50-day simple moving average (SMA) of ¥105.23 but fails to make much further headway.

A reversal back below ¥105.00 would suggest a new move lower, similar to those of recent months. Buyers need to clear ¥106.00 to continue their work of changing the longer-term trend.

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.