EUR/USD on the ropes as GBP/USD nears a support zone

Some of the dollar strength from earlier in the week has dissipated, but overall the euro and sterling continue to struggle.

EUR/USD still unable to bounce

A new lower low for EUR/USD in the current downtrend leaves sellers firmly in charge.

A small rebound earlier in the week did not change the overall negative view. While a rebound towards $1.175 would be of interest to longs, it leaves the downward move from the beginning of the month firmly intact.

GBP/USD heads back towards support

GBP/USD's price has returned to the $1.36 support zone which provided the foundation for a bounce in mid-July.

A rally would head towards trendline resistance from the late July high, targeting $1.38 in the first instance.

USD/JPY fails to make headway

It has been a tough battle between the buyers and sellers with USD/JPY over the past seven weeks, with little in the way of a significant, extended move in either direction.

Dips towards ¥109.00 have been buying opportunities, while on the upside, rallies to ¥110.75 have hit a wall of selling.

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