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EUR/USD looks to break higher, while GBP/USD rally continues and USD/JPY moves down once more

EUR/USD has finally started to clear resistance, while the multi-day bounce goes on in GBP/USD.

EUR/USD climbs through $1.19 again

We have finally seen a move through $1.19 for EUR/USD, which was needed to signal a breakout.

So long as the price holds above here the more bullish view will remain firmly in place, targeting the August peak at $1.2011. A more bearish view requires a reversal back below $1.18.

GBP/USD continues its winning streak

Five days of gains have carried the GBP/USD pair to its highest level since early September.

Crucially, the intraday lows have all been higher than the previous day over the past week, confirming the short-term uptrend. The next target is the August peak at $1.3472, with no sign so far that any reversal is on the way.

USD/JPY pushes lower once more

After the shock rebound on Monday, the downtrend for USD/JPY has steadily reasserted itself. After moving back below ¥104.50 the decline has begun anew, eroding some of Monday’s rally.

However, there will be some doubt about this move until it drops below ¥104.00, and then we have a clearer idea of the next move. Further declines head towards ¥103.00, while a more bullish view requires a rally above Tuesday’s high of ¥104.76.

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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