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EUR/USD rallies, while GBP/USD holds steady and USD/JPY drops

The euro has rallied through resistance in early trading, while cable has found support once again at $1.22.

Is EUR/USD showing signs of life?

The EUR/USD pair has pushed higher in early trading, moving above $1.100 and showing notable bullish momentum.

A close above $1.100 helps to provide a more bullish view in the near term, targeting $1.109 and the September high. Short-term weakness towards $1.097 may provide another buying opportunity.

GBP/USD holds at $1.22

While the GBP/USD pair has come under heavy pressure this week, it has managed to hold $1.22, the lows from last week. If it can continue to hold this level then a push back to $1.23 may materialise.

A close below $1.22 opens the way to $1.20 and the low from early September. Overall, the longer-term downtrend remains in place.

USD/JPY knocked lower

USD/JPY spiked to the top of its current downward channel this morning, and then fell back. However, while this is a potentially bearish development, we have seen higher lows since last Thursday, suggesting at least another challenge of the upper channel bound is likely.

However, if the price moves above ¥108 then the pair will acquire a more bullish view, having broken out of the channel.

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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