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EUR/USD and GBP/USD stall after rallies but USD/JPY edges higher

Eurozone PMIs have seen the euro move rapidly but to little effect, while cable waits for more Brexit news.

EUR/USD recovers its ground

A small reversal yesterday below $1.112 has been followed up by a push higher for EUR/USD, as the price looks to resume its upward move.

Further gains likely target $1.118 and then onto the August highs at $1.125. If, however, the price reverses back below $1.11 then a much more bearish view may prevail, as the longer-term downtrend reasserts itself.

GBP/USD still in strong form

Consolidation continues here for GBP/USD, with the price unable to resume its upward move.

Further declines likely take it towards $1.278 and then onto $1.2635. Having established a new higher high this month, any retracement that manages to create a higher low above $1.22 would provide a buying opportunity.

USD/JPY holds its ground

The price of USD/JPY appears to have recovered from the weakness of Wednesday’s session, holding above ¥108.20.

Now it must push on above ¥108.50 and target the ¥108.90 highs from the middle of the month. This would then suggest a revival of bullish momentum. A close back below ¥108.00 negates this more bullish view.

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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