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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.

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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