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EUR/USD moves sideways as GBP/USD and USD/JPY rally

EUR/USD remains stuck in a range, but GBP/USD and USD/JPY have moved higher and look poised for more gains.

EUR/USD bounces between support and resistance

While the EUR/USD price rallied yesterday, it was not able to hold gains, and dropped back from $1.094.

Overnight losses have stalled at $1.086 however, so a more bullish view may emerge if the price can continue to hold this and then push above $1.094. A drop below $1.086 will revive the bearish view and bring $1.0775 into play.

GBP/USD continues to move higher

GBP/USD has weathered the losses of the past 24 hours, with dips towards $1.243 finding support.

In the very short term, we look for a move through $1.253, which will break trendline resistance from Tuesday's highs. This might then clear the way for a push back towards $1.265. A more bearish view requires a drop through $1.245, with further lower highs reinforcing the expectation of more declines.

USD/JPY rallies off key support

USD/JPY has recovered from its steep drop in the early part of yesterday’s session, and indeed has managed to keep moving higher, reclaiming (if briefly) the ¥108.00 level.

If the price can hold above ¥107.30 then the outlook remains more bullish in the near term, and a move above ¥108.00 would provide further expectation of more gains. Having seen the pair hold ¥107.00 at the end of March and now this week, a more bearish view over the next few weeks requires a firm move below this level.

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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