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

EUR/USD and GBP/USD have enjoyed increasing bullish momentum over the past few days, but USD/JPY is still unable to move higher.

EUR/USD hits new high in ongoing bounce

EUR/USD has recorded a new higher high this morning as it continues the move higher from the beginning of the month.

The price has managed to pierce $1.134 and, while it may drop back, it remains in an uptrend. This bullish view requires a reversal below $1.125 to negate this view.

GBP/USD continues to rally

GBP/USD has enjoyed a strong performance from the end of June, reversing the decline from 10 June.

Higher highs and higher lows have been in place over the past two weeks, and further gains target $1.268, and then on to $1.28. A reversal below the 7 July low at $1.2465 is needed to provide a more bearish view.

USD/JPY struggling in early trading

The tentative strength of earlier in the week is giving way to more losses, after the USD/JPY price failed to clear ¥107.80.

Further declines target ¥106.80, and then down to ¥106.00 and the late-June lows. A reversal above ¥107.80 is needed to revive a more bullish outlook.

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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