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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.

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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