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GBP/USD rocked by parliament news, while EUR/USD and USD/JPY remain quiet

Reports of parliamentary manoeuvring have sparked volatility in GBP/USD, making up for a quiet session in EUR/USD and USD/JPY.

EUR/USD unable to rally

EUR/USD continued to retrace from its high at the beginning of the week, but also remains above $1.106 and the support zone that has held throughout August.

A short-term bounce today will challenge yesterday’s, around $1.1115. If this continues to hold then a more bearish picture may emerge. A move through this level would then open the way to $1.116 and the high from Monday. Further declines require a daily close below $1.106, which would put a much more bearish spin on the outlook.

GBP/USD volatile on parliament news

GBP/USD’s steady gains continue, as the price created another higher low and higher high in yesterday’s session.

This rally has been impressive, but it puts only a small dent in the losses of the past few months. On the daily chart, a turn back below $1.22 could well confirm that a lower high is in place. Any bounce from around $1.222 could provide another buying opportunity.

USD/JPY stuck below resistance

USD/JPY has failed to hold modest gains, with a descending triangle forming over the past few days.

A break above ¥106 would end this formation on the hourly chart, while further declines will test vital support around ¥105.

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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