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EUR/USD and USD/JPY higher as GBP/USD momentum falters

While EUR/USD has rallied, the bounce in GBP/USD appears to be running out of steam.

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Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/USD bounces from support zone

The EUR/USD pair continues to hold $1.08, rallying towards $1.10 and the top end of the trading range of the past month or more.

Gains above this level have proven impossible to support, while possible trendline resistance from the late-March high comes into play around $1.095. With downside capped at $1.08, a continued move higher looks to be a distinct possibility.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD begins to falter

The rally from the lows of Monday’s session could be poised to turn lower and create a lower high for GBP/USD.

While it has managed to move back above $1.223, the price is at risk of further declines if we see a reversal today or tomorrow. Further declines bring $1.208 into view, the low from Monday, and then below this there is little apparent support before the lows of late March.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

USD/JPY edges higher

The USD/JPY pair has recovered from its lows of last week, although a retest of the highs from over a week ago is still yet to take place.

Further gains continue to head towards ¥107.80, while a move below ¥107.00 is likely to signal some more near-term weakness.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

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