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EUR/USD struggles as GBP/USD bounces and USD/JPY pushes higher

While the pound and the yen are making headway against the dollar, the euro is having a tougher time of it.

EUR/USD tiptoes higher from intraday lower low

The price of EUR/USD eked out a lower low yesterday, edging below $1.21, with a small overnight bounce following on from this.

A continued rebound targets $1.22 and then on to $1.225. A resumption of losses below $1.21 brings $1.20 into view.

GBP/USD bounces from $1.41 yet again

The GBP/USD price continues to ferociously defend $1.41, bouncing from this support zone yet again.

The firm defence of this floor points towards the idea that the uptrend in GBP/USD is still active, but just consolidating for now. A close below $1.406 would negate this view and point towards a deeper correction.

USD/JPY continues its steady trend higher

Higher highs and higher lows since the end of April point towards a renewed move higher for USD/JPY.

Further gains head to ¥110.37, and from there back towards the March peak at ¥111.00. Should this bullish momentum stall and reverse then a drop below ¥109.20 is needed to clear the latest higher low.

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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