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GBP/USD surge goes on, while EUR/USD and USD/JPY push higher

The surge in GBP/USD carries on, with the pair hitting its highest level since early May. Meanwhile, USD/JPY continues to recover, and EUR/USD is making another attempt to clear $1.11.

EUR/USD steadies above $1.107

An attempted push through $1.11 yesterday was rudely rebuffed, although the EUR/USD price has begun to push higher this morning.

A close above $1.11 is still needed to open the way to further gains, targeting $1.1161, the 200-day simple moving average (SMA) and the highs from the second half of October. So far dips towards $1.107 have found support, which would reinforce a more bullish view.

GBP/USD hits seven-month high

The GBP/USD surge continues, with cable heading towards the May peak of $1.317.

A Moving Average Convergence Divergence (MACD) crossover on the daily chart reinforces the bullish view, and will mean that further intraday dips continue to be buying opportunities. $1.32 and $1.335 are the next targets to watch on the upside.

USD/JPY pushes higher

After the notable slump at the beginning of the week, USD/JPY has begun to make a recovery.

The price once again found support at the rising 50-day SMA (¥108.50), and further gains target Monday’s high at ¥109.20 and then on to ¥109.70. Above this, the price will have created a new higher high, reinforcing the 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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