EUR/USD holds firm while GBP/USD rallies
EUR/USD is still stuck in a narrow range, but is holding its gains, while GBP/USD is continuing to bounce from the lows of the week.
EUR/USD hovers just below $1.12
Bullish momentum has continued to fade for EUR/USD, although a full-blown reversal has still not appeared.
Dips to $1.11 have found buyers for now, with the price yet to establish a lower high intraday. Thus we enter a consolidation phase after the sharp bounce. A break below $1.11 might point to a resumption of the longer-term downtrend, and by contrast a surge through $1.12 revives the current bounce.
GBP/USD rebound brings trendline resistance closer
GBP/USD has steadily climbed from the low of the week, but any bounce that fails to clear $1.30 and the mid-February lower high risks creating another lower high and reaffirming the post-election downtrend.
A fresh turn lower targets $1.275, and then below this a new lower low is created.
USD/JPY heads back to week’s lows
While equities continue to recover, USD/JPY is still languishing near the lows of the week.
Yesterday’s bounce to ¥107.70 ran out of steam, and while the price for now continues to hold above ¥107 it looks like only a matter of time before this is broken and the price heads to ¥106.50.
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.
