EUR/USD edges up, while GBP/USD drops back and USD/JPY drifts sideways
The pound is in retreat ahead of BoE meeting, while against the yen the dollar is unable to make headway.
EUR/USD claws back some losses
After Friday’s losses, EUR/USD's small recovery has taken place, but it is far from clear that the buyers are regaining the upper hand.
The failure to push on above the 50-day simple moving average (SMA) last week would suggest the sellers are in control, but at present the view is more neutral. A recovery above $1.17 would put the price back on a more short-term upward footing, while a drop back below $1.1534 would suggest a fresh move to the downside is underway.
GBP/USD heads lower
The GBP/USD price has rolled over in definitive fashion, and in a way that suggests we could see October’s gains further eroded as the downtrend reasserts itself.
The fall back below $1.37 and the lower highs in late October point towards a bearish view, and the price action over the past three days has certainly favoured the sellers.
USD/JPY remains in consolidation mode
USD/JPY has gone from sharp rally to gentle consolidation, with gains stalling at ¥114.50.
We look for a continuation of this ranging move for the time being before a resumption of the longer-term move higher.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
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
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
