EUR/USD and GBP/USD move up as USD/JPY declines
Dollar weakness has allowed the euro and sterling to recover after losses yesterday, but has pushed USD/JPY back down.
EUR/USD bounces back for now
EUR/USD has rallied off the overnight lows, leaving the price very much stuck within the battleground of the past two weeks; unable to break $1.20 to the upside, but without a conclusive break below $1.185 to open the way to more losses.
Arguably with the US dollar still strengthening a more bearish view prevails, but for now the buyers are not giving up without a fight.
GBP/USD recovers after mixed Thursday
GBP/USD was relatively unaffected by the market gyrations seen yesterday, although a break above $1.40 continues to elude it. However, the pair is yet to test the zone of support of the past few sessions around $1.385.
For the time being, it looks like the buyers still hold sway, even if they are still struggling to find the strength to drive the price higher. Sellers will have to wait for a move below $1.385 to provide an indication that a deeper drawdown is at hand.
USD/JPY heads down after hard-fought week
USD/JPY is slipping lower after several sessions of indecisive price action.
If the sellers can hold the price near to the lows of the day then a more bearish view begins to emerge, potentially prompting the first major pullback here in weeks. Lower daily highs point the way to this scenario, while buyers will want to get the price back above ¥109 to suggest a new move higher is developing.
The information 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 Bank S.A. 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 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.
Start trading forex today
Find opportunity on the world’s most-traded – and most-volatile – financial market
- Trade spreads from just 0.6 points on EUR/USD
- Analyse with clear, fast charts
- Speculate wherever you are with our intuitive mobile apps
See an FX opportunity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Take your position
- See whether your hunch pays off
See an FX opportunity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from just 0.6 points on popular pairs
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See an FX opportunity?
Don’t miss your chance. Log in to take your position.
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.
