EUR/USD, GBP/USD and USD/JPY all under pressure
Waning risk appetite continues to be felt across currency pairs, with losses for EUR/USD, GBP/USD and USD/JPY.
EUR/USD loses momentum
EUR/USD’s lower highs over the past few days indicate a waning of short-term bullish momentum, but the pair has managed to hold on to most of its gains for August so far.
Dips towards $1.117 have found buyers, so a break below $1.116 would be needed to open the way to a deeper pullback. A fresh rally today from the $1.118 zone would target $1.122, and a move through $1.123 would create an intraday higher high and revive the bullish view.
GBP/USD mixed ahead of unemployment figures
GBP/USD has been declining for weeks, and while the pair rebounded yesterday the move ran out of steam at $1.21.
Today marks the beginning of the three days of UK data, with unemployment and wage figures up today. Further declines today head towards the low from the end of last week at $1.2015, while a move back above $1.21 would create a higher high in the short term.
Overnight USD/JPY bounce runs out of steam
USD/JPY rallies continue to be selling opportunities, with the bounce towards ¥105.50 running into resistance.
Further declines target ¥105.00 and then down to ¥104.70, the January low. Any bigger rebound is likely to run into resistance around ¥107.00.
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