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Risk appetite bolsters EUR/USD, GBP/USD and USD/JPY

The euro, sterling and USD/JPY are all rallying this morning, as trade war and election news both provide reason for optimism.

EUR/USD continues to rally

Dip buyers reign supreme for EUR/USD, as the price pushes on above the 200-day simple moving average (SMA) and begins to move through $1.1175 resistance.

Further gains target $1.124, and with a solid uptrend in place on the intraday chart, dips towards the 50-hour SMA at $1.1129 may provide fresh buying opportunities. The price will need to move back below $1.11 to provide a firmer bearish view.

GBP/USD surges on election news

Having surged overnight, GBP/USD is now at its highest level in 18 months.

We can expect some of this move to be reversed in coming days, but the firmly bullish impression remains in place even with a drop back towards $1.32.

USD/JPY looks to break higher

Away from Brexit news, the signing of a US-China trade deal now seems very close, and this has allowed USD/JPY to revive its flagging rally.

The price is back towards the ¥109.55 area that has marked resistance for months, but it looks like we will see further gains that take us on towards ¥110.35. The price looks a touch overextended intraday, but dips towards ¥109.00 may well see fresh buying pressure develop.

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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