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EUR/USD and GBP/USD fall sharply, as USD/JPY edges up

The outbreak of risk aversion in markets has hit EUR/USD and GBP/USD hard.

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Forex United States dollar Pound sterling Japanese yen EUR/USD GBP/USD
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/USD targets August low

EUR/USD has almost completed its return to the August low, giving back almost all the ground gained since then.

The sellers have put the bearish view back on the front foot and how we look for a renewed decline below the August low around $1.167 that will create a lower low and revive the downtrend.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD firmly in retreat

The bounce in the pound against the dollar seems to have run its course, and with Friday having seen the GBP/USD price drop below trendline support the sellers are now firmly in charge.

Further declines head towards $1.366 and then $1.36.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

USD/JPY edges towards top of range

With USD/JPY, the dollar is still stuck in a range against the yen, since over the past three months dips below ¥109.50 have found buyers while rallies above ¥110.50 tend to run out of momentum.

At present the buyers are in the ascendant, but it looks like a low-conviction move for the time being.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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