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.
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. See full non-independent research disclaimer and quarterly summary.
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
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
