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.
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.
No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
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
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
