FX levels to watch: EUR/USD, GBP/USD and USD/JPY
Small gains for EUR/USD fail to undo the prevailing bearish view, while cable is little-changed ahead of a key vote in Parliament.
EUR/USD still looking bearish
EUR/USD has begun to recover after fresh losses yesterday, but the overall bearish tone continues. A push above $1.13 would help to reverse this, and possibly bring $1.132 into view.
However, further declines will head deeper into the current descending channel, targeting $1.12 and lower.
GBP/USD stuck in a tight range
Faced with a series of indicative votes in parliament, GBP/USD has been unable to make much headway in either direction.
This 100-point range looks likely to continue unless we see a close above $1.325 or below $1.315.
USD/JPY continues to gain
A rebound has taken place for USD/JPY, putting the pair back above the 50-day simple moving average (SMA) at ¥110.49.
Further gains head towards ¥110.90, and then on to the 200-day SMA at ¥111.40. A close back below ¥109.80 is needed to revive the bearish view.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets