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EUR/USD stalls as GBP/USD pushes higher and USD/JPY enjoys a rebound

While EUR/USD remains unable to break out of its current range, GBP/USD continues to climb. Meanwhile, USD/JPY has paused after Monday’s rebound.

EUR/USD still stuck below $1.19

EUR/USD has spent more than a week hovering below $1.19, but with little evidence that it has the strength to break above this level.

A move back below $1.18 revives the ongoing range trade that has prevailed since the beginning of September, bringing $1.16 into view once more. Alternatively, a break through $1.19 would mark a bullish development, targeting $1.20.

GBP/USD rally continues apace

Seems like there is no slowing GBP/USD, which has continued to climb in the past two weeks, almost touching $1.34 yesterday, a level it has not seen since the end of August.

The rally has taken on a new lease of life, with even the smallest dips being furiously bought. Sellers might hope for a more bearish view if the price can move back below $1.32, but overall there is little sign at present that the buyers are prepared to relinquish control, as they take advantage of continued intraday higher lows and higher highs.

USD/JPY steady after rebound

USD/JPY’s ongoing downtrend has suffered a check, as the price rallies from ¥103.70 to recover ¥104.00.

However, we will need to see a further push back above ¥105.50 to suggest the creation of a new higher high. A resumption of the downward move below ¥103.70 would reinforce the current downtrend.

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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