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EUR/USD and GBP/USD rally as USD/JPY falls

Dollar weakness has energised rallies in EUR/USD and GBP/USD, while USD/JPY is suffering heavy losses.

EUR/USD climbs in early trading

EUR/USD keeps on rallying, maintaining the strong uptrend that has been in play over the past few days.

Having cleared $1.14 the price looks set for more gains, with pullbacks towards $1.13 like to be buying opportunities.

GBP/USD rally back in action

The GBP/USD price has rallied from $1.25, reviving the uptrend of the first part of the month.

Further gains target the peaks from last week, at $1.265. A reversal below $1.258 might suggest that a lower high is in place and that another drop that tests yesterday’s lows may develop.

USD/JPY hit hard in early trading

The USD/JPY price has begun a sharp move lower, as the bounce from Friday’s lows gives way to more losses.

A test of those lows at ¥106.70 now looks likely, and below this a new lower low comes into view. A push above ¥107.40 is needed to break above this week’s lower high and break trendline resistance from the late-June high.

This information has been prepared by IG, a trading name of IG US LLC. This material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. You should not treat any opinion expressed in this material as a specific inducement to make any investment or follow any strategy, but only as an expression of opinion. This material does not consider your investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. No representation or warranty is given as to the accuracy or completeness of the above information. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. Any research provided should be considered as promotional and was prepared in accordance with CFTC 1.71 and designed to promote the independence of investment research. See our Summary Conflicts Policy, available on our website.

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