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EUR/USD and USD/JPY higher as GBP/USD momentum falters

While EUR/USD has rallied, the bounce in GBP/USD appears to be running out of steam.

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Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/USD bounces from support zone

The EUR/USD pair continues to hold $1.08, rallying towards $1.10 and the top end of the trading range of the past month or more.

Gains above this level have proven impossible to support, while possible trendline resistance from the late-March high comes into play around $1.095. With downside capped at $1.08, a continued move higher looks to be a distinct possibility.

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

GBP/USD begins to falter

The rally from the lows of Monday’s session could be poised to turn lower and create a lower high for GBP/USD.

While it has managed to move back above $1.223, the price is at risk of further declines if we see a reversal today or tomorrow. Further declines bring $1.208 into view, the low from Monday, and then below this there is little apparent support before the lows of late March.

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

USD/JPY edges higher

The USD/JPY pair has recovered from its lows of last week, although a retest of the highs from over a week ago is still yet to take place.

Further gains continue to head towards ¥107.80, while a move below ¥107.00 is likely to signal some more near-term weakness.

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. 71% 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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