EUR/USD stalls as GBP/USD pushes higher and USD/JPY enjoys a rebound
While EUR/USD remains unable to break out of its current range, GBP/USD continues to climb. Meanwhile, USD/JPY has paused after Monday’s rebound.
EUR/USD still stuck below $1.19
EUR/USD has spent more than a week hovering below $1.19, but with little evidence that it has the strength to break above this level.
A move back below $1.18 revives the ongoing range trade that has prevailed since the beginning of September, bringing $1.16 into view once more. Alternatively, a break through $1.19 would mark a bullish development, targeting $1.20.
GBP/USD rally continues apace
Seems like there is no slowing GBP/USD, which has continued to climb in the past two weeks, almost touching $1.34 yesterday, a level it has not seen since the end of August.
The rally has taken on a new lease of life, with even the smallest dips being furiously bought. Sellers might hope for a more bearish view if the price can move back below $1.32, but overall there is little sign at present that the buyers are prepared to relinquish control, as they take advantage of continued intraday higher lows and higher highs.
USD/JPY steady after rebound
USD/JPY’s ongoing downtrend has suffered a check, as the price rallies from ¥103.70 to recover ¥104.00.
However, we will need to see a further push back above ¥105.50 to suggest the creation of a new higher high. A resumption of the downward move below ¥103.70 would reinforce the current downtrend.
PY_241120.png)
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.
Live prices on most popular markets
- Forex
- Shares
- Indices
