FX levels to watch: EUR/USD, GBP/USD and USD/JPY
The pound is looking to build on its breakout earlier in the week, while USD/JPY is bouncing from support.
EUR/USD still in descending triangle
Losses continue to be seen for EUR/USD, with Wednesday’s rapid reversal.
Fresh declines target $1.112, as the descending triangle formation from the March highs remains resolutely in place. It would take a move above $1.125 to reverse this bearish outlook.
GBP/USD aims to build on breakout
The breakout from the March downtrend is still in place for GBP/USD, although the last two days have seen the price struggle above $1.305.
However, further gains head towards $1.31, while dips towards $1.295 and previous trendline resistance may find buyers.
USD/JPY claws its way higher
Dip buyers came in to hold the USD/JPY price above ¥111.20 earlier in the week.
If this represents a higher low then a push to ¥112.00 and March’s key zone of resistance may develop. Alternately, a move back below ¥111.20 reignites the more bearish 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.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.8 pips on EUR/USD
- Analyze market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on the most popular forex markets