EUR/USD looks to push higher as GBP/USD and USD/JPY come under pressure

The euro remains steady as the ECB meeting nears, while Brexit talks have put renewed pressure on GBP/USD.

EUR/USD holds support

The EUR/USD pair continues to edge higher, although at present it is mostly bumping along above trendline support ahead of this week’s European Central Bank (ECB) meeting.

A continuation of the August pattern would see a rebound towards $1.20 develop, while a break below $1.17 would signal the emergence of a more bearish view, bringing $1.1425 into view as a possible downside target.

GBP/USD still edging lower

The outbreak of new Brexit tensions has put GBP/USD back in the spotlight, and has put further pressure on the pair.

The decline from the peak of last week continues, with a potential test of the 200-period moving average (MA) at $1.1312 on the four hour chart. Below this, the $1.304 support zone comes into play. A break above $1.32 could signal that a new move higher is underway.

USD/JPY rally stalls

The bounce from the August lows has run out of steam below ¥106.50 for USD/JPY, with a possible turn lower now in play as the longer-term downtrend reasserts itself.

This brings ¥105.25 into view as possible support. A continued rally above ¥106.50 would target the ¥107.00 area, which held back gains in August.

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.