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 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