EUR/USD and GBP/USD down as USD/JPY edges up
The dollar has been given a small lift this morning, providing an interesting rebound in USD/JPY in particular.
EUR/USD edges up after losses
EUR/USD steadied yesterday after Tuesday’s losses, with some gains this morning as the price rallies off support at $1.1725.
Further gains need to clear trendline resistance from the September high, which would point towards a move above $1.18. A fresh decline brings $1.1615 into view, the low from late September.
GBP/USD pushes higher
The GBP/USD price remained unmoved by the lack of progress in Brexit negotiations, and while it was unable to recover the 50-day simple moving average (SMA) at $1.3023 it finds itself back there in early trading today.
The pair has continued to hold rising trendline support from the September low, and having surpassed the mid-September high the price may now continue to push on above $1.31. A drop back below $1.29 negates this view.
USD/JPY continues to retreat
For USD/JPY, a lower high at the end of last week revives the ongoing downtrend, and with intraday bounces finding sellers so far it looks like more losses are in store.
A reversal above ¥105.50 would signal a more bullish short-term view is beginning to emerge.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa 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
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
Prices above are subject to our website terms and agreements. Prices are indicative only
