EUR/USD, GBP/USD drop as USD/JPY rallies following anticipated Trump win
EUR/USD, GBP/USD slide, USD/JPY rallies as financial markets expect Trump to win.
EUR/USD drops nearly 2% before stabilising
An anticipated Donald Trump US presidential election victory provoked strong gains in the US dollar with EUR/USD bearing the brunt.
The swift fall through the $1.0778-to-$1.0761 support area, now because of inverse polarity a resistance zone, is bearish for the cross with the June lows at $1.0671-to-$1.0666 being eyed.
GBP/USD rejected by resistance
GBP/USD drops like a stone towards its late October low at $1.2844 as Donald Trump is expected to win the 2024 US presidential election. A fall through $1.2844 puts the 200-day simple moving average (SMA) at $1.2813 on the map, below which lies the August low at $1.2665.
Minor resistance can be spotted at the 23 October low at $1.2908.
USD/JPY bullish
USD/JPY is gunning for the ¥154.56 early June high and the ¥155.21 late July high, having sharply risen from support seen along the 200-day SMA at ¥151.54.
This information has been prepared by IG, a trading name of IG 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.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.
Think election opportunity ended 5 November?
The polls have closed, Donald Trump has won, but markets are still moving:
- Trade Wall Street, EUR/USD and GBP/USD 24/7*
- Set price alerts for significant movements
- Get trading tips on our election hub
* 24/7 excludes the hours on Saturday from 2am to 12pm (Dubai time), and 20 minutes just before the weekday market opens on Sunday night (or Monday morning).
Think election opportunity ended 5 November?
The polls have closed, Donald Trump has won, but markets are still moving:
- Trade Wall Street, EUR/USD and GBP/USD 24/7*
- Set price alerts for significant movements
- Get trading tips on our election hub
* 24/7 excludes the hours on Saturday from 2am to 12pm (Dubai time), and 20 minutes just before the weekday market opens on Sunday night (or Monday morning).
Think election opportunity ended 5 November?
The polls have closed, Donald Trump has won, but markets are still moving:
- Trade Wall Street, EUR/USD and GBP/USD 24/7*
- Set price alerts for significant movements
- Get trading tips on our election hub
* 24/7 excludes the hours on Saturday from 2am to 12pm (Dubai time), and 20 minutes just before the weekday market opens on Sunday night (or Monday morning).
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
