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EUR/USD, GBP/USD and USD/JPY seeing brief dollar strength

EUR/USD, GBP/USD and USD/JPY reverse recent trend, with risk-off moves starting to unwind.

EUR/USD eases back after yesterday’s rebound

EUR/USD began regaining ground yesterday, with the wider bullish trend in place since November expected to continue until we are shown otherwise.

For the time being, that means we are looking for a break back into the 1.1238 region. With that in mind, further upside looks likely unless we see a break below the 1.1125 support level.

GBP/USD pushes higher once again

GBP/USD looks set for another bullish session, with the pair building on yesterday's services PMI-led rebound.

That reading points towards a likely post-election economic recovery which should be pound positive. With that in mind, further upside looks likely from here, with a break through 1.3284 providing us with a strong signal that we are heading back towards the 1.3515 peak.

USD/JPY rise unlikely to last

USD/JPY has broken below a key area of support amid the recent risk-off move, with the uptrend seen through the second half of 2019 now broken.

With the price having dropped below the 108.42 and 108.25 swing lows, there is a strong chance that we will see another turn lower before long as we reverse more of that wider uptrend.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. 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. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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