Technical Analysis

At the beginning of the week, the USD/JPY pair encountered substantial volatility, dropping by around 1.7% during the Asia-Pacific session, briefly breaking below the key support level of 146.00 to hit a low of 145.20.

EUR/USD's outlook remains cautiously bullish. The pair continues to trade above a trend line originating from the 2023 high, and the rising Relative Strength Index (RSI) suggests that upward momentum could persist.

From a technical standpoint, GBP/USD is currently supported at the 1.2782 level, which corresponds to the top of the daily Ichimoku cloud, with additional support found near Thursday’s low of 1.2798.

EUR/USD surged to a 7-month high on Wednesday as bullish momentum persisted following the release of U.S. CPI data, which sparked renewed debate over the Fed's potential rate cuts in September.

EUR/USD opened the New York session around 1.0920, with limited action throughout the day, as the pair remained stuck in a narrow range between 1.0910 and 1.0933

EUR/USD traded within a tight range, opening near 1.0915 in New York after an overnight low of 1.0910.

GBP/USD has extended its decline, reaching a new 5-week low at 1.2660 during early trading. However, the pair experienced a partial recovery later, climbing to 1.2744 by the afternoon, reflecting a 0.43% gain.

EUR/USD opened near 1.0920 in New York after hitting 1.09050 overnigh. The pair traded within a tight range of 1.0910-1.09362

GBP/USD is currently trading at 1.2702, showing a decline of 0.6% during the New York afternoon session.

Despite technically being down 0.2% at 1.2779 in Monday trading, GBP/USD remains entrenched within its recent range, supported by the daily cloud top at 1.2706 and capped by the descending 10-day moving average (DMA) currently at 1.2841.