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EUR/USD and GBP/USD falter while USD/JPY rallies

Some of the dollar’s recent weakness has been reversed, as markets trim rate cut expectations, with the result that EUR/USD and GBP/USD have dropped while USD/JPY has rallied.

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

EUR/USD edges down after recent gains

The price of EUR/USD has dropped back to the 200-day simple moving average (SMA) and has also remained above the $1.1345 peak from early June.

Further declines would target $1.13. If the price can hold $1.134 then a rebound may develop, heading above $1.142 to create a new higher high.

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

GBP/USD falters at key resistance

The daily chart would suggest that a bearish picture is developing for GBP/USD, as the price fails to move above $1.277.

Further declines head towards $1.259 and $1.25. The price dropped to $1.265 on 21 June before rebounding, so some buying pressure may be seen around this level. If this holds, a move back to $1.277 may develop, but a daily close above this level is needed to suggest that a breakout is in play.

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

USD/JPY rallies from recent lows

Having rebounded from the low below ¥107.00 yesterday, USD/JPY may be about to stage a short-term rebound that heads towards ¥108.00 and post-April trendline resistance.

The bearish view on the daily chart remains unless the price breaks above ¥108.50, the mid-June high.

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

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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