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EUR/USD rebounds, while GBP/USD and USD/JPY retreat

The euro and yen continue to gain against the dollar, while sterling’s recent gains are under threat.

EUR/USD shows more signs of life

EUR/USD has rebounded for three days and, so far, it looks like the bounce has further to go.

The hourly chart has provided an elegant series of higher highs and higher lows on the hourly chart, with the latest bounce from $1.086 being followed up by a fresh push high. Of course, this only puts a small dent in the decline over the past month and leaves the broader downtrend intact.

GBP/USD rally comes under threat

The GBP/USD bounce of the past few days is at risk if the decline goes below $1.294, since this would clear the previous higher low.

This would then open the way to $1.29, and then to $1.285 and the low from 20 February. Further gains above $1.302 would target $1.306, with a move above this level establishing a higher high and helping to provide a more positive view in the short term.

USD/JPY continues to retreat

USD/JPY continues to work off the gains of last week, but the longer-term trend higher remains firmly intact. Indeed, any pullback that holds above ¥108.50 would still be a higher low.

Further weakness towards ¥109.60 might see some buyers emerge. In the short term, intraday rallies have not lasted long, with ¥110.50 and then ¥111.00 as upside targets in the event of a move higher.

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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